Financial Crises in the Emerging Markets: The Roles of the Public and Private Sectors

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Current Issues in Economics and Finance

Financial Crises in the Emerging Markets: The Roles of the Public and Private Sectors

November 2000 Volume 6, Number 13

JEL classification: F33, F34, G15

Authors: Terrence J. Checki and Ernest Stern

In the wake of the emerging market turmoil of recent years, a broad consensus has developed on ways of strengthening the institutional framework to create more robust, and thus more crisis-resistant, economies. But there is no comparable consensus on how best to handle crises once they do erupt, or the respective roles of public institutions and the private sector in containing and resolving such crises. This article examines some of the key issues and outlines a flexible, managed-market approach to crisis resolution that allows for different forms of participation by the public and private sectors.

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6 pages / 47 kb

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