Which risk was most underappreciated: currency exposure, short-term external debt or weak banking supervision?

Emergency policies had human consequences beyond restoring market confidence. Crisis-response policies remain debated, especially regarding their econ...

The affected economies had different financial institutions and policy choices; a single narrative cannot explain each country fully. Blanket explanat...

Foreign-currency borrowing and maturity mismatches made some borrowers vulnerable when exchange rates moved and refinancing became difficult. Foreign-...

Should lenders have seen the warning signs earlier?

A country's foreign-currency debt profile matters as much as its headline debt amount. The currency of a debt can matter more than the headline t...

The crisis spread concern among international creditors and affected debt negotiations across Latin America. Mexico's crisis was not a problem co...

Higher dollar interest rates exposed vulnerabilities that had built up quietly. Rising international interest rates and difficulties rolling over obli...

Where does a supply shock end and a policy-driven inflation process begin?

Government price policies, monetary choices and labor-market institutions influenced how long pressures persisted. Policy choices influenced whether t...

Oil isn't an all-purpose explanation for what happened in every country. Oil prices were an important shock, but they do not explain every countr...

Higher energy costs affected production, transportation and household budgets, with responses differing by country. Energy prices reach into nearly ev...