Rose, Andrew K.; Spiegel, Mark M. - Federal Reserve Bank of San Francisco - 2009
reduced equity returns during those countries’ crises. However, Lahiri and Vegh
(2003) find that central banks often actively resist devaluations during financial crises, shedding
doubt … be linked in the other [e.g. Kaminsky and Reinhart (2002)].
In addition, it should be noted that not all potential crises actually metastasize into
serious international financial crises …. As discussed by Kaminsky, Reinhart and Vegh (2003),
there have been a number of potentially major financial crises (such as the 1999 Brazilian
devaluation …