| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w12101 |
| 来源ID | Working Paper 12101 |
| Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises | |
| Guillermo A. Calvo; Alejandro Izquierdo; Ernesto Talvi | |
| 发表日期 | 2006-03-20 |
| 出版年 | 2006 |
| 语种 | 英语 |
| 摘要 | Using a sample of emerging markets that are integrated into global bond markets, we analyze the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call Phoenix Miracle, where output %u201Crises from its ashes%u201D, suggesting that firms go through a process of financial engineering to restore liquidity outside the formal credit markets. Moreover, we show that the US Great Depression could be catalogued as a Phoenix Miracle. However, in contrast to the US Great Depression, EM output collapses occur in a context of accelerating price inflation and falling real wages, casting doubts on price deflation and nominal wage rigidity as key elements in explaining output collapse, and suggesting that financial factors are prominent for understanding these collapses. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w12101 |
| 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/569755 |
| 推荐引用方式 GB/T 7714 | Guillermo A. Calvo,Alejandro Izquierdo,Ernesto Talvi. Phoenix Miracles in Emerging Markets: Recovering without Credit from Systemic Financial Crises. 2006. |
| 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 | ||
| w12101.pdf（678KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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