A number of developing countries mainly in Latin America and East Asia suffered exchange rate crises in the 1990s. India also suffered a crisis in 1991 and another earlier in 1966. We examine the run up to the crises in terms of a few macroindicators suggested by various crisis models. We then examine the aftermath of the crisis, which is largely absent in literature. We seek to explain the pre-crisis and post-crisis situations in the light of various crisis models. We find that crises in East Asia cannot be explained in terms of Krugman’s first-generation model (FGM), but those in the other countries can be explained by Krugman’s model, adding to the debates among crises models.
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