问题描述：
英语翻译
The factors thought to be crucial in causing financial crises in different periods were different.In the 1980s,the Latin American crisis countries were unable to control their fiscal deficits and current account deficits.Their economic fundamentals were regarded as very weak before the crises broke out.Krugman’s (1979) “first generation” currency crisis model has been widely used to explain this kind of crisis.Then came the crises in the early 1990s that were explained by “second generation” models pioneered by Obstfeld (1996).These models highlight the inconsistency in macroeconomic policy objectives and issues of credibility and commitment.Finally,“third generation” models featuring financial fragility,“self-fulfilling prophecy” and “contagion” have been developed to explain the occurrence of currency crisis despite strong macroeconomic performance and absence of fiscal deficits.
The factors thought to be crucial in causing financial crises in different periods were different.In the 1980s,the Latin American crisis countries were unable to control their fiscal deficits and current account deficits.Their economic fundamentals were regarded as very weak before the crises broke out.Krugman’s (1979) “first generation” currency crisis model has been widely used to explain this kind of crisis.Then came the crises in the early 1990s that were explained by “second generation” models pioneered by Obstfeld (1996).These models highlight the inconsistency in macroeconomic policy objectives and issues of credibility and commitment.Finally,“third generation” models featuring financial fragility,“self-fulfilling prophecy” and “contagion” have been developed to explain the occurrence of currency crisis despite strong macroeconomic performance and absence of fiscal deficits.
问题解答：
我来补答展开全文阅读