A more useful way of thinking about the crises in these 15 countries requires abandoning an eff ort to
identify them uniquely with any of the economists’ four types. It is more instructive to focus on sources
of vulnerability to crises. Nouriel Roubini and Brad Setser (2004) identifi ed seven elements contributing
to crises in emerging market economies: large macroeconomic imbalances, risky fi nancing of budget and
current account defi cits, doubts about policy credibility, fi xed and semi-fi xed exchange rates, microeconomic
distortions, political shocks, and external shocks.8
Th ese seven elements of vulnerability are equally
applicable to the advanced-country crises in Europe. Roubini and Setser do not provide a ranking of their
elements. Th e emphasis is on the confl uence of conditions. I use that framework to examine the origins of
the Asian and European crises.
A more useful way of thinking about the crises in these 15 countries requires abandoning an eff ort to
identify them uniquely with any of the economists’ four types. It is more instructive to focus on sources
of vulnerability to crises. Nouriel Roubini and Brad Setser (2004) identifi ed seven elements contributing
to crises in emerging market economies: large macroeconomic imbalances, risky fi nancing of budget and
current account defi cits, doubts about policy credibility, fi xed and semi-fi xed exchange rates, microeconomic
distortions, political shocks, and external shocks.8
Th ese seven elements of vulnerability are equally
applicable to the advanced-country crises in Europe. Roubini and Setser do not provide a ranking of their
elements. Th e emphasis is on the confl uence of conditions. I use that framework to examine the origins of
the Asian and European crises.
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