Non-Traditional Aspects of the Mexican Financial Crisis of 1994/95 : Structural Weaknesses in the Real Sector and the Role of Domestic Investors, OTC Derivatives & Synthetic Capital Flows
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Book Details
Format
Paperback / Softback
Book Series
Europaeische Hochschulschriften / European University Studies / Publications Universitaires Europeennes
ISBN-10
3631619421
ISBN-13
9783631619421
Edition
New
Publisher
Peter Lang AG
Imprint
Peter Lang AG
Country of Manufacture
DE
Country of Publication
GB
Publication Date
Jan 6th, 2012
Print length
235 Pages
Weight
316 grams
Dimensions
15.00 x 21.00 x 1.50 cms
Product Classification:
Economic theory & philosophyMonetary economicsBanking
Ksh 9,700.00
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The Mexican Crisis of 1994/5 was the first financial crisis that spilled over into the real sector. In this book, this thesis explores unconventional research strands.
The Mexican Crisis of 1994/5 was the first financial crisis that spilled over into the real sector. This thesis explores three unconventional research strands. The first is the assessment of the Mexican trade structure to evaluate possible impulses from the real to the monetary sector, which can be discarded. However, a structural weakness, an export structure based largely on pre-imported inputs (and oil) contributes significantly to current account deficits. The second is the triggering role of domestic investors, and not foreign capitals, in the financial stampede that elicited the crisis. The last strand highlights the role of OTC financial derivatives and the thereof resulting «synthetic capital flows», which reached in Mexico 4.9% of GDP in 1994. These transactions were crucial to underpin currency appreciation, to the development of a credit boom and external imbalances and finally determined the emergence of the crisis.
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