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					This database was initially constructed for the paper:

Kaminsky, Graciela, “Varieties of Currency Crises” NBER Working Paper No. 10193,
December 2003 and published as “Currency Crises: Are They All the Same?” Journal of
International Money and Finance, Vol. 25, 2006, 503-527.


In 2005, the database was updated. This database contains data for Ecuador and Paraguay,
which were not in the original database.

Please cite this paper if you use this database. Thank you very much.


Questions about the database: Contact Graciela Kaminsky at graciela@gwu.edu
This file contains a chronology of Banking and Currency Crises as well as a chronology of Financial
Liberalization of the twenty-two countries in the sample.

Financial Liberalization data is based on information from Central Banks. Financial liberalization occurs
when controls on domestic interest rates are eliminated.
Banking Crises are dated based on information from various financial newspapers and articles in
economic journals. We mark the beginning of a banking crisis by an “event.” The two types of events
considered are: (1) Bank runs that lead to the closure, merging, or takeover by the public sector of one or
more financial institutions (Argentina 1980, 1985, and 1994, Philippines 1981, Thailand 1983, Turkey 1991,
Uruguay 1981, and Venezuela 1993); and (2) If there are no runs, the closure, merging, takeover, or large-
scale government assistance of an important financial institution (or group of institutions), that marks the
start of a string of similar outcomes for other financial institutions (Brazil 1985 and 1994, Chile 1982,
Colombia 1992, Denmark 1987, Finland 1991, Indonesia 1992, Israel 1983, Mexico 1992, Norway 1988, Peru
1983, Spain 1978, Sweden 1991, Thailand 1979, and Uruguay 1971. To date these events, we rely heavily
on existing studies of banking crises and on the financial press around the time of heir first impression of
your company is one that reflects professionalism and attention to detail! Interpretation of
Nebuchadnezzar’s Dream” in Star of the West, 28 April 1916, vol. 7, no. 3, pp. 17-24
http://bahai-library.org/uhj/sabeans.etc.htmlahai-library.org/writings/shoghieffendi/gpb/206-210.html

Isaiah
The World Order of Bahá’u’lláh, within pp. 94-119
http://bahai-library.org/writings/shoghieffendi/wob/37.html
               BANKING CRISES                                                                    CURRENCY CRISES
Country        Begin Date       Events                                                           Begin Date         Events

Argentina      March, 1980      The failure of a large private bank (Banco de Intercambio        June, 1970*        All exchange transactions suspended.
                                Regional) led to runs on three other banks that had to be
                                                                                                 June, 1975         Commercial rate depreciated by 60% exchange transactions
                                intervened soon after1. Between 1980-1982 more than 70
                                                                                                                    were suspended April, 1981. On April 2, the tablita
                                institutions were liquidated to subject to central bank
                                                                                                                    stabilization plan was abandoned. The exchange rate was
                                interventions. Estimated loss/cost was 55.3% of GDP2.                               devalued by 30%.

               May, 1985        In early May the government closed a large bank, leading to      February, 1981*    On April 2, the tablita stabilization plan was abandoned. The
                                large runs which led the government to freeze the dollar                            exchange rate was devalued by 30%.
                                deposits on May, 19.
               January, 1989    Non-performing assets constituted 27% of the aggregate           July, 1982         Dual market introduced; multiple devaluations amounting to
                                portfolio and 37% of the portfolios of state owned banks.                           136%.
                                Failed banks held 40% of the financial system assets2.

               December, 1994   The Mexican devaluations led to a run on banks which             September, 1987*   The currency was devalued by 16%. There was a reserve loss
                                resulted in an 18% decline in deposits between December and                         of 8%.
                                March1. Through end of 1997, 63 out of 205 banking
                                institutions were either closed or merged. Direct and indirect
                                cost to the public was estimated at 1.6% of GDP.

               February, 2001   Rising perception of currency risk generated a massive           April, 1989        The dual exchange rate was unified.
                                withdrawal of deposits from banks. By November 47 of 50
                                banks had suffered withdrawals3.                                 February, 1990*    The currency was devalued by 220%

                                                                                                 January, 2002*     The currency was devalued by 40%



Bolivia        October, 1987    The central bank liquidated two of twelve private commercial     November, 1982     Unification of dual exchange rate; the exchange rate was
                                banks; seven more reported large losses1. Total non-                                devalued by 354%
                                performing loans of the banking system reached 29.8% in
                                1987; in mid-1988 reported arrears stood at 92% of
                                commercial banks net worth2.
               November, 1994    Two banks with 11% of the banking system assets were            November, 1983     Exchange rate was devalued by 155%.
                                closed.
               June, 2002       A four year economic slump had caused around $1.5 billion, a     September,1985     Exchange rate auctions introduced; the currency depreciated by
                                third of all deposits, leave the banking system. Political                          94%.
                                uncertainty in the run up to the elections on June 30th
                                intensified the problem12.



Brazil         November, 1985   Three large banks, Comind, Maison Nave, and Auxiliar, were       February, 1983     Exchange rate was devalued by 23%.
                                taken over by the government. By end 1997, the central bank      February, 1987*    The cruzado plan was abandoned and the exchange rate was
                                has intervened in or put under Temporary Special                                    floated.
                                Administration Regime (RAET) system 43 financial
                                institutions2.
               July, 1994       17 small banks were liquidated, 3 private banks intervened,      July, 1989         Exchange rate was devalued by 11%.
                                and 5 state banks place under special administration.
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               July, 1994        17 small banks were liquidated, 3 private banks intervened,
                                 and 5 state banks place under special administration.           November, 1990     Exchange rate was devalued by 35%.
                                                                                                 October, 1991      Exchange rate was devalued by 38%.
                                                                                                 January, 1999      Exchange rate was devalued by 39%.



Chile          September. 1981   Three banks, which were intervened two months later, began to   December, 1971     Exchange transactions were suspended on December 6.
                                 lose deposits1. Authorities intervened in 4 banks and 4         August, 1972       Exchange rate was devalued by 58%.
                                 financial institutions (with 33% of outstanding loans). !982-   October, 1973*     On September 30 the exchange rate was devalued by 1306%.
                                 1985 Government spent 41.2% of GDP2.                            December, 1974     Exchange rate was devalued by 28%.
                                                                                                 January, 1976      Exchange rate was devalued by 21%.
                                                                                                 June, 1982*        On June 17, the tablita stabilization plan was abandoned. A
                                                                                                                    devaluation of 0.8% per month was announced. Two months
                                                                                                                    later the exchange rate was allowed to float.


                                                                                                 September, 1984*   Exchange rate was devalued by 19%.




Colombia       July, 1982        Banco Nacional becomes the first of 6 major bank and 8          March, 1983        State of economic emergency declared for 45 days. The rate of
                                 finance companies to be intervened1. Costs of restructuring                        crawl was accelerated by 5% in March and again in April. The
                                 was estimated to be 5% of GDP2                                                     black market premia hit a historic high.

               March, 1998       A medium sized bank, Banco Unocal, was taken over by            February, 1985     The reserves fell by 22%.
                                 Fogafin and merged with Banco de Estado. The merged bank        August, 1995       The exchange rate was devalued by 7%
                                 was since liquidated. Subsequently in 1999, two large private   September, 1997    The exchange rate was devalued by 7%
                                 banks were taken over by Fogafin; smaller banks that failed     September, 1998    The exchange rate was devalued by 8%
                                 were closed. A number of public banks were closed 4.
                                                                                                 August, 1999       The exchange rate was devalued by 8%
                                                                                                 July, 2002         The exchange rate was devalued by 9%



Denmark        March, 1987       The collapse of two small banks shook the banking and led to    May, 1971          A speculative attack results in reserve losses of 23% in April
                                 moves to curb bank lending1. Cumulative loan losses from                           and 12% in May.
                                 1990-1992 were 9% of loans; 40 of the 60 problem banks were     June, 1973          The currency was devalued by 6%.
                                 merged2.                                                        November, 1979     EMS parities increased; implied devaluation of 4.8%.
                                                                                                 August, 1993*      On August 2 the intervention bands were widened from 2.25%
                                                                                                                    to 15%.



Ecuador        March, 1996       Authorities intervened in the 5th largest commercial bank.      May, 1982          The exchange rate was devalued by 33%
                                 Seven financial institutions, accounting for 25%-30% of
                                 commercial banking assets, were closed in 1998/99 2.            March, 1983        The exchange rate was devalued by 27%
                                                                                                 December, 1985     The exchange rate was devalued by 43%
               March, 1999       A protracted banking crisis evolved into a bank run. The        August, 1986       The exchange rate was devalued by 37%
                                 government declared a bank holiday, deposits were frozen and    August, 1988       The exchange rate was devalued by 56%
                                 exchange rate was floated5. In September 1999, the
                                 government defaulted on its Discount Brady Bonds.

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               March, 1999       A protracted banking crisis evolved into a bank run. The
                                 government declared a bank holiday, deposits were frozen and
                                 exchange rate was floated5. In September 1999, the                  February, 2000    The reserves fell by 63%.
                                 government defaulted on its Discount Brady Bonds.




Finland        September, 1991   A large bank (Skopbank) collapses on September 19 and is            June, 1973*       The currency was devalued by 7%.
                                 intervened1. Government takes control of 3 banks accounting         October, 1982     On October 6, the exchange rate was depreciated by 4.2%; a
                                 for 31% of total savings bank system deposits.                                        week later it was depreciated by 5.7%.
                                 Recapitalization costs amounted to 11% of GDP2.                     November, 1991    On November 15 the currency was devalued by 12.3%,
                                                                                                                       following a temporary float the previous day.
                                                                                                     September, 1992   On September 8 the peg to ECU was discontinued and the
                                                                                                                       currency was allowed to float.



Indonesia      November, 1992    A large bank (Bank Summa) collapses and triggers runs on            November, 1978    On November 15 the currency was devalued by 34%.
                                 three smaller banks.
               November, 1997    In early November, the Indonesian government closed 16              April, 1983       On March 30 the currency was devalued by 28%.
                                 troubled private banks6. As of March 1999, Bank of Indonesia        September, 1986   On September 12 the currency was devalued by 31%.
                                 closed down 61 banks and nationalized 54 banks, out of a total      December, 1997    The exchange rate was devalued by 27%.
                                 of 240. NPLs were estimated to range from 65-75% of total
                                                                                                     June, 1998        The exchange rate was devalued by 42%.
                                 loans. Fiscal costs were estimated to be 50-55% of GDP2.




Israel         October, 1983     The public's fears of a big devaluation of the shekel led to        November, 1974    The currency was devalued by 43%.
                                 heavy selling to raise funds for buying dollars. This resulted in
                                 a crisis which wiped 50 per cent off the value of the shares on
                                 the Tel Aviv stock exchange7.

                                                                                                     November, 1977    The currency was allowed to float; depreciates by 50%.

                                                                                                     October, 1983     The currency was devalued by 20%.
                                                                                                     August, 1984      Foreign exchange transactions suspended for a day to permit
                                                                                                                       changes in exchange controls.



Malaysia       July, 1985        Runs against some branches of a large domestic bank,                July, 1975        The currency was devalued by 8%.
                                 following the collapse of a related bank in Hong Kong1.
                                 Reported losses between 1985-88 were equivalent to 4.7% of
                                 GDP2.
               August, 1997      Two finance companies were taken over by the central bank,          August, 1997      The currency was devalued by 12%.
                                 including MBF Finance, the largest independent finance
                                 companies. At the end of 1998, NPLs were estimated to be 25-
                                 35% of total banking system assets2.
                                                                                                     June, 1998        The currency was devalued by 7%.

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Mexico         September, 1982   Government takes over the banks.                                     September, 1976    On September 1, the peso was allowed to float; in November
                                                                                                                         banks and credit institutions forbidden to transact in foreign
                                                                                                                         exchange.
               October, 1992     Several financial institutions that held Ajustabonos were hurt       February, 1982     On February 18 the currency was devalued by 75%.
                                 by the rise in real interest rates in the second half of 1992.

                                                                                                      December, 1982     Foreign exchange market closed. Foreign currency deposits
                                                                                                                         converted and controls imposed.
                                                                                                      December, 1994     On December 19, the currency was devalued by 15%; two days
                                                                                                                         later the currency was allowed to float.



Norway         November, 1988    Two regional saving banks fail. The banks are eventually             June, 1973*        The currency was devalued by 13%.
                                 merged and the bailout begins.
                                                                                                      February, 1978     On February 13, the currency was devalued by 8%.
                                                                                                      May, 1986          On May 12, the currency was devalued by 10.7%.
                                                                                                      December, 1992*    On December 10, the peg to the Ecu was discontinued and the
                                                                                                                         currency was allowed to float.
                                                                                                      January, 1998      The reserves fell by 25%.
                                                                                                      July, 1999         The reserves fell by 17%.
                                                                                                      November, 2000     The reserves fell by 17%.



Paraguay       May, 1995         Banco General and Bancopar -- the 3rd. and 4th. Largest banks        June, 1984         The currency was devalued by 50%
                                 in terms of deposits -- failed to meet their clearing obligations.
                                 Despite central bank intervention, this triggered a massive
                                 withdrawal from private domestic banks8.

                                                                                                      March, 1985        The currency was devalued by 33%
                                                                                                      December, 1986     The currency was devalued by 72%
                                                                                                      March, 1989        The currency was devalued by 82%



Peru           March, 1983       Two large banks fail. The rest of the system suffered from high      June, 1976         The currency was devalued by 44%. Suspension of
                                 levels of NPLs and financial disintermediation following the                            convertibility.
                                 nationalization of the banking system in 1987 2.

                                                                                                      October, 1987      The currency was devalued by 25%.
                                                                                                      September, 1988*   The currency was devalued by 658%.




Philippines    January, 1981     Commercial paper market collapses, triggering bank runs and          February, 1970     Currency allowed to float and depreciated by 47%.
                                 the failure on non-bank financial institutions and thrift banks.



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               July, 1997       In 1998 one commercial bank, 7 of 88 thrifts, 40 of 750 rural     October, 1983     Banks were required to sell their foreign exchange to the
                                banks were placed under receivership. Net loss estimated by                         central bank. The authorities announced moratorium on
                                the end of 1999 was 6.7% of GDP2.                                                   external debt.

                                                                                                  June , 1984       Banks were required to sell their foreign exchange to the
                                                                                                                    central bank. The currency was depreciated by 29%.


                                                                                                  February, 1986    The currency was devalued by 15%.
                                                                                                  December, 1997    The currency was devalued by 15%.



Spain          November, 1978   Bank of Spain begins to rescue a number of smaller banks.         February, 1976    On February 9 the currency was devalued by 13%.

                                                                                                  July, 1977        Currency was allowed to float to a 20% depreciation.
                                                                                                  December, 1982    On December 4, the currency was devalued by 8%.
                                                                                                  September, 1992   Central rate of currency in the ERM devalued by 4.8% on
                                                                                                                    September,17.
                                                                                                  May, 1993         Central rate of currency in the ERM devalued by 8% on May
                                                                                                                    13.



Sweden         November, 1991   The Swedish government rescues Nordbanken, the nation's           August, 1977      Discontinued European common margin agreements; currency
                                second largest bank1. Overall, 5 of 6 largest banks, accounting                     depreciated by 10%.
                                for over 70% of the banking system assets, experienced            September, 1981   On September 14, the currency was devalued by 10% vs. a
                                difficulties. Cost of recapitalization amounted to 4% of GDP2.                      basket.

                                                                                                  October, 1982     On October 2, the currency was devalued by 15.9%.
                                                                                                  September, 1992   The reserves fell by 24%. On November 19, the peg to the ECU
                                                                                                                    was discontinued and the currency was allowed to float.




Thailand       March, 1979      Following the stock market crash, one of the largest finance      November, 1978*   The currency was allowed to float on November 1.
                                companies failed.
               October, 1983    Large losses in a finance company lead to runs and government     July, 1981        Currency was devalued by 9%.
                                intervention.
               May, 1996        The finance ministry took control of the Bangkok Bank of          November, 1984    Currency was devalued by 15%.
                                Commerce. Customers were estimated to have withdrawn 9 to         July, 1997        The Baht was floated. The currency devalued by 24%.
                                10 billion baht (US $ 556 million) in a week 9.                   June, 1998        Currency was devalued by 5%. The central bank lost 7% of its
                                                                                                                    reserves.
                                                                                                  September, 1999   Currency was devalued by 7%.
                                                                                                  July, 2000        Currency was devalued by 6%.



Turkey         January, 1991    The start of the Gulf War led to massive withdrawals and a run    August, 1970      On August 10, the currency was devalued by 67%.
                                on banks, prompting the government to guaranty all deposits.



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               April, 1994      Three banks failed in April 1994. By June 1994 authorities           January, 1980     The currency was devalued by 100%.
                                had spent 1.1% of GDP.
               December, 2000   Demirbank, which is at the centre of the Turkish banking             April, 1994       The central bank devalued the currency by 54%.
                                crisis, was taken over by the state after a criminal investigation
                                into 10 banks already under state administration led to an
                                increase in interest rates10.
                                                                                                     February, 2001*   The currency was devalued by 36%.



Uruguay        May, 1971        BancoMercantile fails. A wave of bank mergers and                    December, 1971    On November 30, exchange transactions were suspended;
                                bankruptcies develop, driven by high real interest rates.                              multiple exchange rates were introduced. On March 2, the
                                                                                                                       exchange rate was devalued by 202%. Exchange rate was
                                                                                                                       allowed to float. It devalued by 40%.
               March, 1981      A large scale run on banks came on the wake of the Argentine         December, 1982    The tablita plan was abandoned and exchange rate was allowed
                                devaluation which marked the end of the Argentine Tablita.                             to float.
                                Insolvent banks accounted for 20% of the financial system            July, 2002        The currency was devalued by 35%.
                                deposits. Costs of recapitalizing banks was estimated to be 7%
                                of GNP2.
               July, 2002       The government imposed a partial freeze on bank withdrawals.
                                The massive outflow of deposits in Uruguay began after
                                Argentina froze its bank accounts. Four banks were suspended,
                                including Banco Commercial, the largest private sector bank
                                before the crisis with $2.3 billion in assets11.




Venezuela      October, 1993    Bank runs on the country's second largest bank (Banco Latino);       February, 1983*   Foreign exchange transactions were suspended, later followed
                                on January 1994 the bank closed 1. In 1994 authorities                                 by the suspension of convertibility.
                                intervened in 13 of 47 banks which held 50% of the deposits,         February, 1984    Effective depreciation of 74%.
                                and in 5 additional banks in 1995 2.                                 December, 1986    Effective depreciation of 93%.
                                                                                                     March, 1989       System of multiple exchange rates replaced by a float, leading
                                                                                                                       to a 154% depreciation.
                                                                                                     May, 1994         Following massive capital flight, exchange controls were
                                                                                                                       imposed.
                                                                                                     December, 1995    The currency was devalued by 71%.
                                                                                                     February, 2002    The currency was devalued by 39%.



               Source:          1. Kaminsky and Reinhart (1996)
                                2. Gerald Caprio and Daniela Klingebiel, "Episodes of Systematic and Borderline
                                Financial Crises" May 1999. World Bank Working Paper #2325.
                                3. Augusto De La Torre, World Bank, Eduardo Levy Yayati, Universidad Torcuato Di
                                Tella, Sergio Schmukler, World Bank, " Living and Dying with Hard Pegs: Rise and
                                Fall of Argentina's Currency Board," November 2002.




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                               4. 'Colombia: Selected Issues and Statistical Appendix,' IMF
                               Country Report No. 01/68, April 30, 2001
                               5. Policy Development and Review Department, IMF, "Crisis Resolution in the Context
                               of Sovereign Debt Restructuring: A Summary of Considerations". January 28, 2003
                               6. The Banker, December 1, 1997, Vol. 147, No. 862
                               7. Financial Times (London), January 18, 1985
                               8. Garcia-Herrero, Alicia, "Banking Crises in Latin America
                               in the 1990's: Lessons from Argentina, Paraguay, and
                               Venezuela" October 1997. IMF Working Paper WP/97/140.

                               9. Business Times (Singapore), May 21, 1996
                               10. Financial Times (London), December 28, 2000
                               11. Latin Finance, October, 2002, URUGUAY; Pg. 25, 1664 words, Holding On, But
                               Barely, by Jennifer Galloway
                               12. BBC News , World Edition; August 8, 2002.




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bcaf27d1-0041-401c-94cb-4bc188a32b47.xls   18
LEXIS/NEXIS SEARCH

                                                           The government imposed a partial freeze on bank withdrawals. The massive outflow of deposits in
URUGUAY
Business News Americas, August 26, 2002, 471 words, FITCH: FOREIGN BANKS COULD BENEFIT FROM CRISIS - URUGUAY
              deposit outflows since the lifting of the bank holiday on August 5
              Uruguay's earlier 1980s crisis
              The banking crisis has led to the suspension of all three Uruguayan-owned private banks and the one foreign-owned bank with substantial do
LatinFinance, October, 2002, URUGUAY; Pg. 25, 1664 words, Holding On, But Barely, by Jennifer Galloway
              the Uruguayan government imposed a partial freeze on bank withdrawals in July to prevent a widespread banking crisis
              The massive outflow of deposits in Uruguay began after Argentina froze bank accounts. With limited access to money in their own country, Arg
              Among the four suspended banks is Banco Comercial, which before the crisis was the country's largest private sector bank with $ 2.3 billion in
The Banker, July 1, 2002, Americas
              In February, Uruguay's central bank suspended the operations of Argentina's Banco de Galicia in the country after nervous savers pulled out a
ARGENTINA
The Banker, July 1, 2002, Americas
              By late November, the steady trickle of deposits out of Argentina's financial system turned into a flood, and the government was soon forced to
The Banker, January 1, 2003, Americas
              Eduardo Duhalde, the caretaker president,came into office on January 2, 2002 and promptly ended the peso's 11-year paritywith the dollar. In F

LatinFinance, August, 2002August
              Summary of state of banking system in all LACs.

TURKEY
Financial Times (London) (London), December 28, 2000
              Demirbank, which is at the centre of the Turkish banking crisis that began earlier this month, was taken over by the state after suffering financ
              The situation erupted after a criminal investigation into 10 banks already under state administration led to an increase in interest rates. As rates
Financial Times (London) (London), September 12, 2000
              corruption and mismanagement which aggravated the collapse of six banks are the by-products of the enclave's international isolation.
ECUADOR
LatinFinance, November, 2001                              Demirbank, which is at the centre of the Turkish banking crisis, was taken over by the state after a
              The Ecuadorian banking system collapsed in 1999, and the banks left standing are still reeling from the aftershocks. In July, the Ecuadorian go
CRISIS - URUGUAY



e one foreign-owned bank with substantial domestic business

 spread banking crisis
 ed access to money in their own country, Argentines quickly began yanking savings they had stashed away in Montevideo
argest private sector bank with $ 2.3 billion in assets

the country after nervous savers pulled out a third of deposits. Uruguay's central bank took control over the bank for 90 days while the banking group came up with a plan to r



ood, and the government was soon forced to impose a "temporary" banking freeze. But there was no return: three weeks later, the government was run out of office by nation

d the peso's 11-year paritywith the dollar. In February, he introduced asymmetrical pesification and $ 40bn in deposit accounts were transformed into pesos at the rate of 1.4




s taken over by the state after suffering financial troubles. It is one of 11 Turkish banks now under state ownership.
n led to an increase in interest rates. As rates began to rise, Demirbank found it could no longer finance its large holdings of traditionally lucrative treasury bills with short-term

f the enclave's international isolation.

ng crisis, was taken over by the state after after a criminal investigation into 10 banks already under state administration led to an increase in interest rates.
m the aftershocks. In July, the Ecuadorian government shut down the country's largest state-owned bank, Filanbanco, because of severe liquidity problems. Filanbanco repor
 le the banking group came up with a plan to recapitalise its Uruguayan operations. Earlier, another bank in Uruguay, Banco Comercial, was severely shaken by fraud allegatio



he government was run out of office by nationwide rioting. The country defaulted on$ 155bn in national and provincial government debt and devalued the currency, which had

were transformed into pesos at the rate of 1.4 pesos to the dollar (despite the dollar fetching more than 3.5 pesos in the currency markets), while dollar-denominated debts we




 itionally lucrative treasury bills with short-term money. The bank's scramble for funds from reluctant lenders helped provoke a wider liquidity crisis, and led to a snowballing pa




an increase in interest rates.
of severe liquidity problems. Filanbanco reported more than $ 100 million in losses for 2000 despite a $ 300 million capital infusion from the central bank. Thousands of depos
ercial, was severely shaken by fraud allegations against one of its main shareholders, Argentine banker Carlos Rohm.



nt debt and devalued the currency, which had been pegged at par to the dollar under a currency board for a decade

markets), while dollar-denominated debts were turned into pesos at the rate of one peso to one dollar




der liquidity crisis, and led to a snowballing panic, in which foreign investors sold Turkish assets and cut lending in the country




n from the central bank. Thousands of depositors were left with devalued accounts and frozen assets until Banco Bolivariano agreed to help out
reed to help out
ISRAEL




Malaysia




Indonesia
Financial Times (London), January 18, 1985, Friday, SECTION I; Overseas News; Pg. 3, 966 words, Israeli banks face close scrutiny
over shares collapse, David Lennon
The trouble goes back to October 1983 when the public's fears of a big devaluation of the shekel led to heavy selling to raise funds for
buying dollars.This resulted in a collapse which wiped 50 per cent off the value of the shares on the Tel Aviv stock exchange.



Asia & Pacific Review World of Information, November 1998, Comment & Analysis; Country Profile; Statistics; Forecast; Pg. 1,
2804 words, MALAYSIA: Review 1998
by early March 1998 Malaysia's currency was trading at around MD3.94 per USD. This trend began slowly but turned into a rout in August
1997, when Dr Mahathir closed and then reopened the KLSE to foreign investors, and raised the possibility of full exchange controls.




The Banker, December 1, 1997, Vol. 147, No. 862
In early November, the Indonesian government closed 16 troubled private banks, provoking howls of protest from powerful friends and
relatives of President Suharto. Three of the 16 were owned by relatives of the President, highlighting the extensive cronyism in Indonesia.



http://www.imf.org/external/pubs/ft/fandd/1999/06/sharma.htm

				
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