ABSTRACT
According to the World Bank, there have been 117 financial systemic crises in 93 countries for 33 years from the beginning of the 1970s through the end of 2002. In other words, the world experienced 117 systemic financial crises since the beginning of the floating exchange rates of global monetary system. The frequency of the financial crisis under the floating exchange rates is exorbitantly higher than that under the fixed exchange rate regime of the Bretton Woods period. It should also be noted that most of the financial crises erupted after domestic financial liberalization or the liberalization of international capital mobility.
