Scope and method of study. The main objective of this dissertation is to identify the determinants of stock market and currency crises and investigate the direction of causality between stock market and currency crises in emerging markets. The timing of stock market and currency…
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The turmoil of the 1990s stimulated the development of “early warning systems” (EWS) for currency crises. The two prevalent approaches have been probit/logit modeling, and the “signals” approach of Kaminsky, Lizondo and Reinhart (1997). Several issues can be raised regarding the…
This thesis studies two related issues that have gained relevance as a consequence of several of the major currency crises of the 1990s. The first is the impact that devaluations have on investment when domestic firms have currency mismatches, i.e., debt denominated in foreign c…
High interest rates are a potentially powerful tool for the defense of a fixed exchange rate regime facing speculative pressure. Their effectiveness at doing so, however, is put in question by both the stylized facts and the small empirical literature on monetary policy during c…
My dissertation is motivated by several events that occurred in the international financial markets during the 1980s and 1990s. Those events induced regime changes in exchange rate markets as well as their systems in many different senses. My dissertation investigates those regi…
Many emerging economies in Asia and elsewhere have been plagued by sharp booms and bust cycles of capital inflows and outflows. The heavily managed exchange rate, current account improvement, and surge of capital inflows inevitably placed significant upward pressure on the domes…
This dissertation mainly studies currency crises in Turkey over the post-1990 period. It first examines which factors help lead to the occurrence of currency collapses in developing countries. Panel data multivariate logit tests for low and middle income countries indicate that …