@article{Agarwal_Vandana_2022, title={Exchange rate crises in Latin America, East Asia and Russia}, volume={42}, url={https://centrodeeconomiapolitica.org/repojs/index.php/journal/article/view/2323}, DOI={10.1590/0101-31572022-3299}, abstractNote={<p>A number of developing countries mainly in East Asia and Latin America and<br>Russia suffered exchange rate crises in the 1990s. We examine the run up to the crisis in<br>terms of a few macro indicators suggested by various crisis models. We then examine the<br>aftermath of the crisis, in contrast to most empirical work that concentrates on determining<br>the causes of crises. We seek to explain the pre-crisis as well as the post-crisis situation<br>in the light of various crisis models. We find that the first-generation crisis model despite<br>anomalies seems to fit the crises in Latin American countries whereas it does not fit the<br>crisis in the Asian countries. The Russian case is different from any of the crisis models.<br>The crisis eliminated the Dutch disease aspects leading to a large increase in exports and<br>an improvement in the current account balance. This resulted in a higher growth rate of GDP. We also find that the exchange market pressure index is not successful in predicting<br>the crises.</p> <p><strong>JEL Classification:</strong> E420; F310; F320.</p>}, number={2}, journal={Brazilian Journal of Political Economy}, author={Agarwal, Manmohan and Vandana, T. R.}, year={2022}, month={May}, pages={263-282} }