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Capital-Markets Crisis and Economic Collapse in Emerging Markets: An Informational-Frictions Approach
2000
The American Economic Review
The Mexican crisis of 1994 and its unprecedented international spillover through global financial markets signaled the dawn of a new era in capital-markets crises that challenged, and defeated, both economists' theories and practitioners' policies. Around that time, there was heated debate as to whether this crisis differed from previous Mexican crises triggered by fiscal indiscipline and real-exchange-rate appreciation (see Rudiger Dornbusch and Alejandro Werner (1994) and Guillermo A. Calvo
doi:10.1257/aer.90.2.59
fatcat:aoitksiyt5g5vll53pmdfhrf5u