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Strengthening Financial Sectors and Preventing Crises

In: Successes of the International Monetary Fund

Author

Listed:
  • Tomás J. Baliño

    (IMF’s Monetary and Financial Systems Department)

  • José Viñals

    (Central Bank of Spain)

Abstract

In the latter part of the 1990s, several emerging market economies, particularly in East Asia, had serious crises whose effects were felt worldwide. Large capital outflows were accompanied by major financial and economic distress in the region in a mutually reinforcing process. The problems spread across borders, as banks and other investors in developed countries fled from emerging markets. Deprived of funding, banks and other financial intermediaries in East Asia cut down credits and in some cases (for example, Indonesia) banks faced runs and many had to be closed down. This resulted in sharp devaluations, major falls in output, high unemployment, and large fiscal costs. Major financial markets also suffered, as fears spread about the exposure of various international banks to distressed emerging markets.

Suggested Citation

  • Tomás J. Baliño & José Viñals, 2009. "Strengthening Financial Sectors and Preventing Crises," Palgrave Macmillan Books, in: Eduard Brau & Ian McDonald (ed.), Successes of the International Monetary Fund, chapter 9, pages 170-190, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-23949-4_9
    DOI: 10.1057/9780230239494_9
    as

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