全球智库信息集成服务系统(G2TT): On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects

G2TT

来源类型	Working Paper
规范类型	报告
DOI	10.3386/w10520
来源ID	Working Paper 10520
	On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects
	Guillermo A. Calvo; Alejandro Izquierdo; Luis-Fernando Mejia
发表日期	2004-05-31
出版年	2004
语种	英语
摘要	Using a sample of 32 developed and developing countries we analyze the empirical characteristics of sudden stops in capital flows and the relevance of balance sheet effects in the likelihood of their materialization. We find that large real exchange rate (RER) fluctuations coming hand in hand with Sudden Stops are basically an emerging market (EM) phenomenon. Sudden Stops seem to come in bunches, grouping together countries that are different in many respects. However, countries are similar in that they remain vulnerable to large RER fluctuations - be it because they could be forced to large adjustments in the absorption of tradable goods, and/or because the size of dollar liabilities in the banking system (i.e., domestic liability dollarization, or DLD) is high. Openness, understood as a large supply of tradable goods that reduces leverage over the current account deficit, coupled with DLD, are key determinants of the probability of Sudden Stops. The relationship between Openness and DLD in the determination of the probability of Sudden Stops is highly non-linear, implying that the interaction of high current account leverage and high dollarization may be a dangerous cocktail.
主题	International Economics ; International Finance
URL	https://www.nber.org/papers/w10520
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/568149
推荐引用方式 GB/T 7714	Guillermo A. Calvo,Alejandro Izquierdo,Luis-Fernando Mejia. On the Empirics of Sudden Stops: The Relevance of Balance-Sheet Effects. 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
w10520.pdf（577KB）	智库出版物		限制开放	CC BY-NC-SA	浏览