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Federal Reserve Bank of New York
Current Issues in Economics and Finance
Financial crises in the emerging markets: the roles of the public and private sectors
Terrence J. Checki
Ernest Stern
Abstract

In the wake of the emerging market turmoil of recent years, a broad consensus has developed on ways of strengthening the institutional framework to create more robust, and thus more crisis-resistant, economies. But there is no comparable consensus on how best to handle crises once they do erupt, or the respective roles of public institutions and the private sector in containing and resolving such crises. This article examines some of the key issues and outlines a flexible, managed-market approach to crisis resolution that allows for different forms of participation by the public and private sectors.


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Terrence J. Checki & Ernest Stern, "Financial crises in the emerging markets: the roles of the public and private sectors" , Federal Reserve Bank of New York, Current Issues in Economics and Finance, volume 6, issue Nov, 2000.
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Keywords: Financial crises ; Developing countries ; Finance; Public
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