Publication

This report looks at the currency crisis in Mexico and Argentina in 1994–1995, and in Thailand, Malaysia, Indonesia and Korea in 1997–1998. It shows that in these cases, currency crises were accompanied by other signs of financial turbulence such as public and/or private debt crises or banking crises. The authors focus on the currency crises, referring to the parallel banking and debt crisis only as an important backdrop or consequence of the currency devaluation.