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Journal of Economic Integration 2003 September;18(3) :587-606.
DOI: https://doi.org/10.11130/jei.2003.18.3.587
An Anatomy of Currency Crises
Bruce Felmingham and 
Lisa Short 
University of Tasmania
Copyright ©2003 Journal of Economic Integration
ABSTRACT
We investigate the hypothesis that currency crises are linked to a breakdown in a set of macroeconomic fundamentals, which sparks a speculative attack. A conditional logit model is estimated for 2 7 countries experiencing crises over the period 1980 to 1997. This sample includes countries from the Latin American, European and Asian Pacific regions. The results support the fundamentals hypothesis with characteristics such as domestic credit, international reserves, the real exchange rate, foreign currency ratings and the choice of the exchange rate regime impacting on the crisis probability. The differing impacts of particular characteristics through time and across regions are emphasised. JEL Classifications: G15
Keywords: C
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