| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w13489 |
| 来源ID | Working Paper 13489 |
| Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913 | |
| Michael D. Bordo; Alberto F. Cavallo; Christopher M. Meissner | |
| 发表日期 | 2007-10-15 |
| 出版年 | 2007 |
| 语种 | 英语 |
| 摘要 | Using a sample of 20 emerging countries from 1880 to 1913, we study the determinants and output effects of sudden stops in capital inflows during an era of intensified globalization. We find that higher levels of original sin (hard currency debt to total debt) and large current account deficits associated with reliance on foreign capital greatly increased the likelihood of experiencing a sudden stop. Trade openness and stronger commitment to the gold standard had the opposite effect. These results are robust for many sudden stop definitions used in the literature. Finally, we use a treatment effects model to show that after controlling for endogeneity sudden stops have a strong negative association with growth in per capita output. We also show that banking, currency and debt crises that were preceded by a sudden stop have much greater negative relation with growth than in the absence of a sudden stop. |
| 主题 | International Economics ; International Factor Mobility ; International Finance ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w13489 |
| 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/571165 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Alberto F. Cavallo,Christopher M. Meissner. Sudden Stops: Determinants and Output Effects in the First Era of Globalization, 1880-1913. 2007. |
| 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 | ||
| w13489.pdf（660KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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