The Changing Nature of Currency Crises

Abstract

Abstract. Currency crises that have been observed in recent years are not a new phenomenon, but the main features of the crises in Latin America in the 1970s and early 1980s are quite different from the crisis in Europe in 1992. Theoretical literature has evolved over time to account for the changing nature of these crises. While many theoretical and empirical papers have been written about various episodes of these crises, the change in their mechanism over time has not been demonstrated well. This paper fills the gap in the literature by graphically depicting the main features of these crises. Such a visual analysis should allow the reader to better understand and follow the changes in the mechanisms over time.

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