CRISES BANCÁRIAS, REDES DE SEGURANÇA FINANCEIRA E CURRENCY BOARDS EM ECONOMIAS EMERGENTES

Abstract

This paper deals with the currency board model of monetary-exchange rate regime to emerging economies, a model presented as a simultaneous solution to macroeconomic volatility and banking crises frequently faced by these economies. First, it retrieves those macroeconomic factors typically presented as either cause or symptom of banking crises. Next, a review of current debates on financial safety nets as effective mechanisms to deal with systemic risks intrinsic to banking, is then followed by a discussion of the microeconomic factors also pointed out in the literature on the determinants of banking crises in emerging economies. Based upon a general description of the modus operandi of a "pure" currency board, it is then argued that this regime does not eliminate the possibility either of macroeconomic volatility or banking crises in emerging economies, especially in those larger ones.