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Periodical issue Periodical issue Leiden University catalogue Leiden University catalogue WorldCat catalogue WorldCat
Title:Financial and currency crises
Editors:Fosu, AugustinISNI
Senbet, LemmaISNI
Year:2001
Periodical:Journal of African Economies (ISSN 0963-8024)
Volume:10
Period:Supplement 1 (February)
Pages:140
Language:English
City of publisher:Oxford
Publisher:Oxford University Press
Geographic term:Subsaharan Africa
Subjects:money
economic recession
External link:https://academic.oup.com/jae/issue/10/suppl_1
Abstract:In some respects, the economies of sub-Saharan Africa have generally been sheltered from the direct effects of the Latin American and Asian financial and currency crises due to their historically low shares of the international capital flows. The indirect effects could, nevertheless, be considerable, given Africa's increasingly significant economic relationships with especially Asian countries and the impacts of the crises in global markets, particularly on commodity prices. The crises also provide important lessons for the African region. Central to those lessons are mechanisms for maximizing the benefits of globalization while minimizing its risks. Moreover, banking and balance of payments crises have actually been brewing in many African countries for some time now. The papers in this special issue examine the issues associated with financial and currency crises, with special emphasis on how they relate to the countries of sub-Saharan Africa. They cover capital flow volatility, paying particular attention to the 'capital inflow problem'; the issue of bank runs in sub-Saharan Africa, with emphasis on the importance of accountability in the regulatory environment; the Asian financial crisis, drawing special lessons for Africa; and the global financial crisis, with focus on the implications for the African region. Contributors: Guillermo A. Calvo, Augustin Kwasi Fosu, Morris Goldstein, Edward J. Kane, Tara Rice, Lemma W. Senbet.
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