Abstract
This paper aims at proving empirically the superiority of an explanation for recent financial crises in emerging countries which combines endogenous and exogenous factors rather than focusing only on one of these two kinds of factors. To this end, we built our empirical analysis on estimations of random effects models for panel data and the statistics of Fisher.
To date, elements of a similar explanation were able to be brought only in the particular context of a particular crisis. Our contribution proves this superiority by using data related to 14 emerging countries and 3 recent periods of crises (Mexican 1994, Asian 1997 and Russian 1998), covering thus most of the financial crises which took place during the last decade.