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The paper lays out an analytical framework for understanding crises in emerging markets based on examination of stock variables in the aggregate balance sheet of a country and the balance sheets of its main sectors (assets and liabilities). It focuses on the risks created by maturity, currency, and capital structure mismatches. This framework draws attention to the vulnerabilities created by debts among residents, particularly those denominated in foreign currency, and it helps to explain how problems in one sector can spill over into other sectors, eventually triggering an external balance of payments crisis. The paper also discusses the potential of macroeconomic policies and official intervention to mitigate the cost of such a crisis.

Financial crises --- Financial statements --- Balance of payments --- Risk assessment --- Analysis, Risk --- Assessment, Risk --- Risk analysis --- Risk evaluation --- Evaluation --- Balance sheets --- Corporate financial statements --- Earnings statements --- Financial reports --- Income statements --- Operating statements --- Profit and loss statements --- Statements, Financial --- Accounting --- Bookkeeping --- Business records --- Corporation reports --- Finance: General --- Financial Risk Management --- Foreign Exchange --- Money and Monetary Policy --- Exports and Imports --- Macroeconomics and Monetary Economics: General --- International Economic Order and Integration --- Current Account Adjustment --- Short-term Capital Movements --- International Monetary Arrangements and Institutions --- International Lending and Debt Problems --- International Policy Coordination and Transmission --- International Financial Markets --- General Financial Markets: Government Policy and Regulation --- Public Administration --- Public Sector Accounting and Audits --- Monetary Systems --- Standards --- Regimes --- Government and the Monetary System --- Payment Systems --- Financial Crises --- Financial reporting, financial statements --- Monetary economics --- Economic & financial crises & disasters --- Currency --- Foreign exchange --- Finance --- International economics --- Currencies --- Exchange rates --- Currency mismatches --- Public financial management (PFM) --- Money --- External debt --- Finance, Public --- Financial risk management --- Debts, External --- Thailand