期刊名称：Euro Area Balance of Payments and International Investment Position Statistics
印刷版ISSN：1830-3420
电子版ISSN：1830-3439
出版年度：2005
出版社：European Central Bank
摘要：Over the last 10 years, a number of emerging market economies have suffered pronounced financial crises with far-reaching negative economic implications. These crises implied substantial losses in terms of wealth, output and jobs and were often accompanied by currency and banking crises. For example, the average cumulative output losses for Argentina (2001-02 crisis), Indonesia (1998) and Turkey (1999-2001) have been estimated in the range of 12-15% of GDP. The actions of the country’s private sector creditors are a crucial variable in the management of such crises. When there are signs that a crisis starts unfolding, external creditors may have an interest in withdrawing their funds as quickly as possible so as to minimise potential losses. However, if all creditors adopt such a “rush-to-the-exit” strategy, the economic and financial consequences may be magnified and the resulting loss in welfare may be detrimental to the country and its creditors alike. By contrast, if creditors are willing to maintain some exposure in the country, the crisis may be less disruptive, facilitating a quick return to normal market conditions, which is ultimately also in the interest of creditors.
