I do not want to suggest that these will not lead to a currency crisis - obviously, they will, but they have not been the main culprits in recent years.1 The interesting situations - and the ones worth studying - are where currency crises occur in countries with reasonably responsible fiscal and monetary policies, as in most of the cases cited above.
Stability: From the viewpoint of the financial system, stability requires that aggregate risk is bounded in some way. This requires, in turn, that individual participants be required to mitigate and manage their own risks. However, in situations in which systemic risk goes beyond the aggregate individual risk, additional measures may be warranted. Transparency: The basic premise is: “what cannot be measured cannot be managed”.