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On the empirics of sudden stops : the relevance of balance-sheet effects

Author: Guillermo A Calvo; Alejandro Izquierdo; Luis-Fernando Mejía; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, ©2004.
Series: Working paper series (National Bureau of Economic Research), no. 10520.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
"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  Read more...
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Additional Physical Format: Print version:
Calvo, Guillermo A.
On the empirics of sudden stops.
Cambridge, Mass. : National Bureau of Economic Research, ©2004
(OCoLC)55739602
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Guillermo A Calvo; Alejandro Izquierdo; Luis-Fernando Mejía; National Bureau of Economic Research.
OCLC Number: 56508678
Notes: "May 2004."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (50 pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), no. 10520.
Responsibility: Guillermo A. Calvo, Alejandro Izquierdo, Luis-Fernando Mejía.

Abstract:

"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"--National Bureau of Economic Research web site.

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