Crises in Emerging Market Economies : a Global Perspective

  title={Crises in Emerging Market Economies : a Global Perspective},
  author={Guillermo Calvo},
It is now more than ten years since the “first crisis of the twentyfirst century,” as Michel Camdessus, the former managing director of the International Monetary Fund (IMF), called Mexico’s 1994–95 tequila crisis. The event is important not because it signaled a new environment (the tequila crisis was not that different from Mexico’s 1982 crisis), but because it was the beginning of a long series of financial crises in emerging market economies. Their frequency and global span (Latin America… CONTINUE READING