FU Berlin Digitale Dissertation
Jose De Luna Martinez : Globalization and Financial Crises Lessons from Mexico and South Korea Globalisierung und Finanzkrisen
|Abstract| |Table of Contents| |More Information|

Abstract This study analyzes the causes of the financial crises of Mexico (1994) and South Korea (1997). The main hypothesis of this work is that both the Mexican as well as the Korean financial authorities had not understood the new rules of the game in the international financial system. In particular, they did not know that with the opening of their financial systems to international capital flows they had lost their autonomy and capacity to implement economic policies that challenged the interests of international investors. A second hypothesis is that despite their impressive economic reforms, neither Mexico nor South Korea were prepared to withstand the financial shocks faced by any open economy in the international financial system. Many of the economic and institutional conditions required for the adequate use of capital inflows were not in place. Bank regulation and supervision were deficient. Risk management in domestic financial institutions and corporations was also weak. Information on firms and financial institutions was not reliable. Finally, this study shows that the causes of the Mexican and Korean crises can also be found in the deficiencies of the international financial system itself. International investors did not measure their risks in Mexico and Korea appropriately. Regulators and analysts in New York, London and other international financial centers failed to identify important economic imbalances in Mexico and South Korea on time. When these imbalances were revealed, investors reacted in panic, provoking a financial contagion to other emerging market economies.

Table of Contents Download the whole PhDthesis as a zip-tar file or as zip-File For download in PDF format click the chapter title Titel und Inhaltsverzeichnis Einleitung Kapitel 1: Die Globalisierung der Finanzmärkte Kapitel 2: Die Risiken der finanziellen Globalisierung für die Schwellenländer Kapitel 3: Die Währungskrisen Mexikos und Südkoreas Kapitel 4: Die Bankenkrisen von Mexiko und Korea Schlussfolgerungen Literaturverzeichnis

More Information:
Online available:	http://www.diss.fu-berlin.de/2002/239/indexe.html
Language of PhDThesis:	german
Keywords:	Globalization, Financial Crises, Mexico, South Korea, Bank Crises
DNB-Sachgruppe:	17 Wirtschaft
Date of disputation:	23-May-2002
PhDThesis from:	Fachbereich Politik- u. Sozialwissenschaft, Freie Universität Berlin
First Referee:	Prof. Dr. Elmar Altvater
Second Referee:	Prof. Dr. Hansjörg Herr
Contact (Author):	Jluna@postmaster.co.uk
Contact (Advisor):	Altvater@Zedat.Fu-Berlin.De
Date created:	12-Nov-2002
Date available:	13-Nov-2002

 

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