| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w10519 |
| 来源ID | Working Paper 10519 |
| Fear of Sudden Stops: Lessons from Australia and Chile | |
| Ricardo Caballero; Kevin Cowan; Jonathan Kearns | |
| 发表日期 | 2004-05-31 |
| 出版年 | 2004 |
| 语种 | 英语 |
| 摘要 | Latin American economies are exposed to substantial external vulnerability. Domestic imbalances and terms of trade shocks are often exacerbated by sudden stops of capital inflow. In this paper we explore ways of overcoming external vulnerability, drawing lessons from a detailed comparison of the response of Chile and Australia to recent external shocks and from Australia's historical experience. We argue that in order to understand sudden stops and the mechanisms to smooth them, it is useful to identify and then distinguish between two inter-related dimensions of investors' confidence: country-trust and currency-trust. Lack of country-trust is a more fundamental and serious problem behind sudden stops. But lack of currency-trust may both be a source of country-trust problems and weaken a country's ability to deal with sudden stops. We discuss steps to improve along these two dimensions of investors' confidence in the medium run, and policies to reduce the impact of country-trust and currency-trust weaknesses in the short run. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Monetary Policy |
| URL | https://www.nber.org/papers/w10519 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/568148 |
| 推荐引用方式 GB/T 7714 | Ricardo Caballero,Kevin Cowan,Jonathan Kearns. Fear of Sudden Stops: Lessons from Australia and Chile. 2004. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w10519.pdf（253KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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