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Financial Policies in
Emerging Markets
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Financial Policies in
Emerging Markets
Mario I. Blejer and
Marko Sˇkreb
The MIT Press
Cambridge, Massachusetts
London, England
( 2002 Massachusetts Institute of Technology
All rights reserved. No part of this book may be reproduced in any form by any
electronic or mechanical means (including photocopying, recording, or information
storage and retrieval) without permission in writing from the publisher.
This book was set in Palatino on 3B2 by Asco Typesetters, Hong Kong, and was
printed and bound in the United States of America.
Library of Congress Cataloging-in-Publication Data
Financial policies in emerging markets / edited by Mario I. Blejer and Marko Sˇkreb.
p. cm.
Includes bibliographical references and index.
ISBN 0-262-02525-6 (hc. : alk. paper)
1. Finance—Developing countries. 2. Finance. 3. ary policy—Developing
countries. 4. Developing countries—Economic policy. I. Blejer, Mario I. II. Sˇkreb,
Marko, 1957–
HG195 .F5355 2002
33200917204—dc21 2002022760
Contents
1 Financial Vulnerability and Exchange Rate in Emerging Markets:
An Overview 1
Mario I. Blejer and Marko Sˇkreb
I New Evidence on Financial Policies and the Impact on
Emerging Markets 17
2 Original Sin, Passthrough, and Fear of Floating 19
Ricardo Hausmann, Ugo Panizza, and Ernesto Stein
3 Banking Crises in Emerging Markets: Presumptions and
Evidence 47
Barry Eichengreen and Carlos Arteta
4 International Financial Crises: The Role of Reserves and SDR
Allocations 95
J. Onno de Beaufort Wijnholds and Arend Kapteyn
II The Euro and Financial Policies in Central and Eastern
Europe 163
5 The Eastern Enlargement of the EU and the Case for Unilateral
Euroization 165
Jacek Rostowski
6 The Costs and Benefits of Euroization in Central and Eastern
Europe before or instead of EMU Membership 193
D.