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Private Sector Involvement and International Financial CrisesAn Analytical Perspective$
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Michael Chui and Prasanna Gai

Print publication date: 2005

Print ISBN-13: 9780199267750

Published to Oxford Scholarship Online: July 2005

DOI: 10.1093/0199267758.001.0001

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Fundamentals-Based Models

Fundamentals-Based Models

Chapter:
(p.35) 4 Fundamentals-Based Models
Source:
Private Sector Involvement and International Financial Crises
Author(s):

Michael Chui

Prasanna Gai (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/0199267758.003.0004

Explores the role played by fundamental factors in driving financial crises. The model of optimal banking crises by Allen and Gale (1998) is explored in detail, as is the first-generation currency crisis model of Krugman (1979). A key insight is that the welfare costs of crisis are associated with the inefficient liquidation of assets and sub-optimal risk sharing, rather than crises per se.

Keywords:   banking crises, currency crises, first-generation crisis models, inefficient liquidation, optimal financial crises

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