NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Common Fundamentals in the Tequila and Asian Crises

Aaron Tornell

NBER Working Paper No. 7139*
Issued in May 1999
NBER Program(s):   IFM

An NBER digest for this paper is available.

The cross-country variation in the severity of the crisis was largely determined by three fundamentals: the strength of the banking system, the real appreciation, and the international liquidity of the country. We also find that the rule that links fundamentals to the crisis severity has been the same in both the Tequila and Asian crises.

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