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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 |
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