A Model of Financial Crises in Emerging Markets
构建了一个模型，解释新兴市场金融危机如何因国内银行国际流动性不足而爆发，并分析存款挤兑与外国债权人恐慌的相互作用，以及金融自由化和短期外资流入如何加剧银行脆弱性。
We develop a model in which financial crises in emerging markets may occur when domestic banks are internationally illiquid. Runs on domestic deposits may interact with foreign creditor panics, depending on the maturity of the foreign debt and the possibility of international default. Financial liberalization and increased inflows of foreign capital, especially if short term, can aggravate the illiquidity of banks and increase their vulnerability. The primary role of illiquidity is consistent with the existence of asset price booms and crashes and of government distortions.