The beginning part of the paper introduces the most important development of the currency crisis theory , including the evolution of the crisis theories from the first generation to the second generation and the different models of the second generation 文章首先详细介绍了货币危机理论的最新发展,从第一代货币危机理论到第三代货币危机理论模型。
Currency crises have occurred more frequently and have been more destructive since the bretton woods collapsed in the early 1970 ' s . especially , the asian crisis in1997 and 1998 had a strong impact on the world ' s economy 1970年布雷顿森林体系崩溃之后,货币危机的发生越来越频繁,而且越来越具有破坏力,特别是1997年和1998年的亚洲金融危机对世界经济带来的强烈的冲击。
With developing of the financial globalization , every country gradually connects with each other closely , and the currency crisis that has become the vital threatens to the developing countries happened frequently in those countries 随着金融全球化的进展，各国金融联系的逐步加强，发展中国家爆发货币危机的频率也随之增加，可以说货币危机已成为发展中国家最大的威胁。
7 among the 11 countries that had suffered the crisis was in the process of capital account liberalization which suggested that capital account liberalization did bring some risks for these countries or even brought about crisis 其中, 11个发生危机的国家中, 7个正处于资本项目开放进程中。可见,资本项目开放对于发展中国家来说还是会带来一些风险,严重者甚至会引发货币危机或金融危机。
As we all know , the banking plays a dominant role in the financial system in emerging markets . by applying the model of the twin crises , we can conclude that the short - term capital movement is the crucial joint between the two kinds of crises 新兴市场国家一般来说以间接金融为主，银行体系占主导地位，详细考察银行危机与货币危机的关系可以更深入的考察金融危机爆发的原因和传导机制。
