| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w14026 |
| 来源ID | Working Paper 14026 |
| Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration | |
| Guillermo A. Calvo; Alejandro Izquierdo; Luis-Fernando Mejía | |
| 发表日期 | 2008-05-23 |
| 出版年 | 2008 |
| 语种 | 英语 |
| 摘要 | Using a sample of 110 developed and developing countries for the period 1990-2004 we analyze the empirical characteristics of systemic sudden stops (3S) in capital flows --understood as large and largely unexpected capital account contractions that occur in periods of systemic turmoil -- and the relevance of balance sheet effects in the likelihood of their materialization. We conjecture that large real exchange rate (RER) fluctuations come hand in hand with 3S. A small supply of tradable goods relative to their domestic absorption -- a proxy for potential changes in the real exchange rate -- and large foreign-exchange denominated debts towards the domestic banking system, denoted Domestic Liability Dollarization, DLD, are claimed to be key determinants of the probability of 3S, conforming a balance-sheet effect that impacts on the probability of 3S in non-linear fashion. Regarding financial integration, the larger is the latter, the larger is likely to be the probability of Sudden Stop; however, beyond a critical point the relationship gets a sign reversion. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w14026 |
| 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/571700 |
| 推荐引用方式 GB/T 7714 | Guillermo A. Calvo,Alejandro Izquierdo,Luis-Fernando Mejía. Systemic Sudden Stops: The Relevance Of Balance-Sheet Effects And Financial Integration. 2008. |
| 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 | ||
| w14026.pdf（371KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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