A Fuzzy Characterization of Uncertainty in Financial Crises

Autores
Pazzi, Jorge Horacio; Tohmé, Fernando Abel
Año de publicación
2005
Idioma
inglés
Tipo de recurso
artículo
Estado
versión publicada
Descripción
The so-called first and second generation models focus on fundamentals as the main cause of a crisis. During the 1990s many developing economies underwent structural reforms, which lead to an improvement of those fundamentals. Hence, at that time, the stability of the domestic financial systems seemed basically guaranteed. However, this confidence was shattered by the outbreak of the financial crises of the second half of the decade. Some of them were certainly due to weak fundamentals in the affected economies. But other crises seemed to be engen-dered just because of wrong or misleading perceptions on the part of economic agents. The paper argues that a main source for these misperceptions is the way in which agents hedge their funds, on the basis of their assessment of the inner workings of the financial system. To support this claim, a simple model with a fuzzy measure of the risk of assets is introduced.
Fil: Pazzi, Jorge Horacio. Universidad Nacional del Sur. Departamento de Economía; Argentina
Fil: Tohmé, Fernando Abel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
Materia
DOLLARIZATION
FINANCIAL CRISES
FUZZY MEASURES OF UNCERTAINTY
HEDGING
SYSTEMIC RISK
Nivel de accesibilidad
acceso abierto
Condiciones de uso
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
Repositorio
CONICET Digital (CONICET)
Institución
Consejo Nacional de Investigaciones Científicas y Técnicas
OAI Identificador
oai:ri.conicet.gov.ar:11336/136215
Acceder
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network_acronym_str CONICETDig
repository_id_str 3498
network_name_str CONICET Digital (CONICET)
spelling A Fuzzy Characterization of Uncertainty in Financial CrisesPazzi, Jorge HoracioTohmé, Fernando AbelDOLLARIZATIONFINANCIAL CRISESFUZZY MEASURES OF UNCERTAINTYHEDGINGSYSTEMIC RISKhttps://purl.org/becyt/ford/5.2https://purl.org/becyt/ford/5The so-called first and second generation models focus on fundamentals as the main cause of a crisis. During the 1990s many developing economies underwent structural reforms, which lead to an improvement of those fundamentals. Hence, at that time, the stability of the domestic financial systems seemed basically guaranteed. However, this confidence was shattered by the outbreak of the financial crises of the second half of the decade. Some of them were certainly due to weak fundamentals in the affected economies. But other crises seemed to be engen-dered just because of wrong or misleading perceptions on the part of economic agents. The paper argues that a main source for these misperceptions is the way in which agents hedge their funds, on the basis of their assessment of the inner workings of the financial system. To support this claim, a simple model with a fuzzy measure of the risk of assets is introduced.Fil: Pazzi, Jorge Horacio. Universidad Nacional del Sur. Departamento de Economía; ArgentinaFil: Tohmé, Fernando Abel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; ArgentinaInternational Association for Fuzzy-Set Management and Economy2005-11info:eu-repo/semantics/articleinfo:eu-repo/semantics/publishedVersionhttp://purl.org/coar/resource_type/c_6501info:ar-repo/semantics/articuloapplication/pdfapplication/pdfhttp://hdl.handle.net/11336/136215Pazzi, Jorge Horacio; Tohmé, Fernando Abel; A Fuzzy Characterization of Uncertainty in Financial Crises; International Association for Fuzzy-Set Management and Economy; Fuzzy Economic Review; 10; 2; 11-2005; 61-701136-05932445-4192CONICET DigitalCONICETenginfo:eu-repo/semantics/altIdentifier/url/http://www.sigef.net/2014-09-26-07-16-23/summaries-and-abstracts/item/388-a-fuzzy-characterization-of-uncertainty-in-financial-crisesinfo:eu-repo/semantics/altIdentifier/doi/10.25102/fer.2005.02.05info:eu-repo/semantics/openAccesshttps://creativecommons.org/licenses/by-nc-sa/2.5/ar/reponame:CONICET Digital (CONICET)instname:Consejo Nacional de Investigaciones Científicas y Técnicas2025-09-03T10:00:29Zoai:ri.conicet.gov.ar:11336/136215instacron:CONICETInstitucionalhttp://ri.conicet.gov.ar/Organismo científico-tecnológicoNo correspondehttp://ri.conicet.gov.ar/oai/requestdasensio@conicet.gov.ar; lcarlino@conicet.gov.arArgentinaNo correspondeNo correspondeNo correspondeopendoar:34982025-09-03 10:00:29.432CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicasfalse
dc.title.none.fl_str_mv A Fuzzy Characterization of Uncertainty in Financial Crises
title A Fuzzy Characterization of Uncertainty in Financial Crises
spellingShingle A Fuzzy Characterization of Uncertainty in Financial Crises
Pazzi, Jorge Horacio
DOLLARIZATION
FINANCIAL CRISES
FUZZY MEASURES OF UNCERTAINTY
HEDGING
SYSTEMIC RISK
title_short A Fuzzy Characterization of Uncertainty in Financial Crises
title_full A Fuzzy Characterization of Uncertainty in Financial Crises
title_fullStr A Fuzzy Characterization of Uncertainty in Financial Crises
title_full_unstemmed A Fuzzy Characterization of Uncertainty in Financial Crises
title_sort A Fuzzy Characterization of Uncertainty in Financial Crises
dc.creator.none.fl_str_mv Pazzi, Jorge Horacio
Tohmé, Fernando Abel
author Pazzi, Jorge Horacio
author_facet Pazzi, Jorge Horacio
Tohmé, Fernando Abel
author_role author
author2 Tohmé, Fernando Abel
author2_role author
dc.subject.none.fl_str_mv DOLLARIZATION
FINANCIAL CRISES
FUZZY MEASURES OF UNCERTAINTY
HEDGING
SYSTEMIC RISK
topic DOLLARIZATION
FINANCIAL CRISES
FUZZY MEASURES OF UNCERTAINTY
HEDGING
SYSTEMIC RISK
purl_subject.fl_str_mv https://purl.org/becyt/ford/5.2
https://purl.org/becyt/ford/5
dc.description.none.fl_txt_mv The so-called first and second generation models focus on fundamentals as the main cause of a crisis. During the 1990s many developing economies underwent structural reforms, which lead to an improvement of those fundamentals. Hence, at that time, the stability of the domestic financial systems seemed basically guaranteed. However, this confidence was shattered by the outbreak of the financial crises of the second half of the decade. Some of them were certainly due to weak fundamentals in the affected economies. But other crises seemed to be engen-dered just because of wrong or misleading perceptions on the part of economic agents. The paper argues that a main source for these misperceptions is the way in which agents hedge their funds, on the basis of their assessment of the inner workings of the financial system. To support this claim, a simple model with a fuzzy measure of the risk of assets is introduced.
Fil: Pazzi, Jorge Horacio. Universidad Nacional del Sur. Departamento de Economía; Argentina
Fil: Tohmé, Fernando Abel. Consejo Nacional de Investigaciones Científicas y Técnicas. Centro Científico Tecnológico Conicet - Bahía Blanca. Instituto de Investigaciones Económicas y Sociales del Sur. Universidad Nacional del Sur. Departamento de Economía. Instituto de Investigaciones Económicas y Sociales del Sur; Argentina
description The so-called first and second generation models focus on fundamentals as the main cause of a crisis. During the 1990s many developing economies underwent structural reforms, which lead to an improvement of those fundamentals. Hence, at that time, the stability of the domestic financial systems seemed basically guaranteed. However, this confidence was shattered by the outbreak of the financial crises of the second half of the decade. Some of them were certainly due to weak fundamentals in the affected economies. But other crises seemed to be engen-dered just because of wrong or misleading perceptions on the part of economic agents. The paper argues that a main source for these misperceptions is the way in which agents hedge their funds, on the basis of their assessment of the inner workings of the financial system. To support this claim, a simple model with a fuzzy measure of the risk of assets is introduced.
publishDate 2005
dc.date.none.fl_str_mv 2005-11
dc.type.none.fl_str_mv info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
http://purl.org/coar/resource_type/c_6501
info:ar-repo/semantics/articulo
format article
status_str publishedVersion
dc.identifier.none.fl_str_mv http://hdl.handle.net/11336/136215
Pazzi, Jorge Horacio; Tohmé, Fernando Abel; A Fuzzy Characterization of Uncertainty in Financial Crises; International Association for Fuzzy-Set Management and Economy; Fuzzy Economic Review; 10; 2; 11-2005; 61-70
1136-0593
2445-4192
CONICET Digital
CONICET
url http://hdl.handle.net/11336/136215
identifier_str_mv Pazzi, Jorge Horacio; Tohmé, Fernando Abel; A Fuzzy Characterization of Uncertainty in Financial Crises; International Association for Fuzzy-Set Management and Economy; Fuzzy Economic Review; 10; 2; 11-2005; 61-70
1136-0593
2445-4192
CONICET Digital
CONICET
dc.language.none.fl_str_mv eng
language eng
dc.relation.none.fl_str_mv info:eu-repo/semantics/altIdentifier/url/http://www.sigef.net/2014-09-26-07-16-23/summaries-and-abstracts/item/388-a-fuzzy-characterization-of-uncertainty-in-financial-crises
info:eu-repo/semantics/altIdentifier/doi/10.25102/fer.2005.02.05
dc.rights.none.fl_str_mv info:eu-repo/semantics/openAccess
https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
eu_rights_str_mv openAccess
rights_invalid_str_mv https://creativecommons.org/licenses/by-nc-sa/2.5/ar/
dc.format.none.fl_str_mv application/pdf
application/pdf
dc.publisher.none.fl_str_mv International Association for Fuzzy-Set Management and Economy
publisher.none.fl_str_mv International Association for Fuzzy-Set Management and Economy
dc.source.none.fl_str_mv reponame:CONICET Digital (CONICET)
instname:Consejo Nacional de Investigaciones Científicas y Técnicas
reponame_str CONICET Digital (CONICET)
collection CONICET Digital (CONICET)
instname_str Consejo Nacional de Investigaciones Científicas y Técnicas
repository.name.fl_str_mv CONICET Digital (CONICET) - Consejo Nacional de Investigaciones Científicas y Técnicas
repository.mail.fl_str_mv dasensio@conicet.gov.ar; lcarlino@conicet.gov.ar
_version_ 1842269640780152832
score 13.13397

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