skip to content
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises Preview this item
ClosePreview this item
Checking...

Phoenix miracles in emerging markets : recovering without credit from systemic financial crises

Author: Guillermo A Calvo; Alejandro Izquierdo; Ernesto Talvi; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2006.
Series: Working paper series (National Bureau of Economic Research), no. 12101.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: Using a sample of emerging markets that are integrated into global bond markets, we analyze the.
Rating:

(not yet rated) 0 with reviews - Be the first.

Subjects
More like this

 

Find a copy in the library

&AllPage.SpinnerRetrieving; Finding libraries that hold this item...

Details

Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Guillermo A Calvo; Alejandro Izquierdo; Ernesto Talvi; National Bureau of Economic Research.
OCLC Number: 65173615
Notes: Cover title.
Description: 1 online resource (1 volume).
Series Title: Working paper series (National Bureau of Economic Research), no. 12101.
Responsibility: Guillermo A. Calvo, Alejandro Izquierdo, Ernesto Talvi.

Abstract:

Abstract: Using a sample of emerging markets that are integrated into global bond markets, we analyze the.

Abstract: 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 "rises from its ashes", 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.

Reviews

User-contributed reviews
Retrieving GoodReads reviews...
Retrieving DOGObooks reviews...

Tags

Be the first.
Confirm this request

You may have already requested this item. Please select Ok if you would like to proceed with this request anyway.

Linked Data


Primary Entity

<http://www.worldcat.org/oclc/65173615> # Phoenix miracles in emerging markets recovering without credit from systemic financial crises
    a schema:CreativeWork, schema:Book, schema:MediaObject ;
    library:oclcnum "65173615" ;
    library:placeOfPublication <http://experiment.worldcat.org/entity/work/data/49028608#Place/cambridge_mass> ; # Cambridge, Mass.
    library:placeOfPublication <http://id.loc.gov/vocabulary/countries/mau> ;
    schema:about <http://id.worldcat.org/fast/1204155> ; # United States.
    schema:about <http://id.worldcat.org/fast/890971> ; # Depressions--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/49028608#Topic/financial_crises_developing_countries_econometric_models> ; # Financial crises--Developing countries--Econometric models
    schema:about <http://id.worldcat.org/fast/1242969> ; # Developing countries.
    schema:about <http://dewey.info/class/330/> ;
    schema:about <http://experiment.worldcat.org/entity/work/data/49028608#Event/1929> ; # 1929
    schema:about <http://id.worldcat.org/fast/924608> ; # Financial crises--Econometric models
    schema:about <http://experiment.worldcat.org/entity/work/data/49028608#Topic/depressions_1929_united_states_econometric_models> ; # Depressions--1929--United States--Econometric models
    schema:bookFormat schema:EBook ;
    schema:contributor <http://viaf.org/viaf/28129105> ; # Ernesto Talvi
    schema:contributor <http://viaf.org/viaf/62605817> ; # Alejandro Izquierdo
    schema:contributor <http://viaf.org/viaf/127108210> ; # National Bureau of Economic Research.
    schema:creator <http://viaf.org/viaf/85296566> ; # Guillermo A. Calvo
    schema:datePublished "2006" ;
    schema:description "Abstract: 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 "rises from its ashes", 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."@en ;
    schema:description "Abstract: Using a sample of emerging markets that are integrated into global bond markets, we analyze the."@en ;
    schema:exampleOfWork <http://worldcat.org/entity/work/id/49028608> ;
    schema:inLanguage "en" ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/49028608#Series/working_paper_series_national_bureau_of_economic_research> ; # Working paper series (National Bureau of Economic Research) ;
    schema:isPartOf <http://experiment.worldcat.org/entity/work/data/49028608#Series/nber_working_paper_series> ; # NBER working paper series ;
    schema:name "Phoenix miracles in emerging markets recovering without credit from systemic financial crises"@en ;
    schema:productID "65173615" ;
    schema:publication <http://www.worldcat.org/title/-/oclc/65173615#PublicationEvent/cambridge_mass_national_bureau_of_economic_research_2006> ;
    schema:publisher <http://experiment.worldcat.org/entity/work/data/49028608#Agent/national_bureau_of_economic_research> ; # National Bureau of Economic Research
    schema:url <http://papers.nber.org/papers/w12101> ;
    schema:url <http://0-papers.nber.org.biblio.eui.eu/papers/> ;
    wdrs:describedby <http://www.worldcat.org/title/-/oclc/65173615> ;
    .


Related Entities

<http://experiment.worldcat.org/entity/work/data/49028608#Agent/national_bureau_of_economic_research> # National Bureau of Economic Research
    a bgn:Agent ;
    schema:name "National Bureau of Economic Research" ;
    .

<http://experiment.worldcat.org/entity/work/data/49028608#Place/cambridge_mass> # Cambridge, Mass.
    a schema:Place ;
    schema:name "Cambridge, Mass." ;
    .

<http://experiment.worldcat.org/entity/work/data/49028608#Series/nber_working_paper_series> # NBER working paper series ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/65173615> ; # Phoenix miracles in emerging markets recovering without credit from systemic financial crises
    schema:name "NBER working paper series ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/49028608#Series/working_paper_series_national_bureau_of_economic_research> # Working paper series (National Bureau of Economic Research) ;
    a bgn:PublicationSeries ;
    schema:hasPart <http://www.worldcat.org/oclc/65173615> ; # Phoenix miracles in emerging markets recovering without credit from systemic financial crises
    schema:name "Working paper series (National Bureau of Economic Research) ;" ;
    .

<http://experiment.worldcat.org/entity/work/data/49028608#Topic/depressions_1929_united_states_econometric_models> # Depressions--1929--United States--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh85037059> ;
    schema:name "Depressions--1929--United States--Econometric models"@en ;
    .

<http://experiment.worldcat.org/entity/work/data/49028608#Topic/financial_crises_developing_countries_econometric_models> # Financial crises--Developing countries--Econometric models
    a schema:Intangible ;
    schema:hasPart <http://id.loc.gov/authorities/subjects/sh2008120567> ;
    schema:name "Financial crises--Developing countries--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/1204155> # United States.
    a schema:Place ;
    schema:name "United States." ;
    .

<http://id.worldcat.org/fast/1242969> # Developing countries.
    a schema:Place ;
    schema:name "Developing countries." ;
    .

<http://id.worldcat.org/fast/890971> # Depressions--Econometric models
    a schema:Intangible ;
    schema:name "Depressions--Econometric models"@en ;
    .

<http://id.worldcat.org/fast/924608> # Financial crises--Econometric models
    a schema:Intangible ;
    schema:name "Financial crises--Econometric models"@en ;
    .

<http://viaf.org/viaf/127108210> # National Bureau of Economic Research.
    a schema:Organization ;
    schema:name "National Bureau of Economic Research." ;
    .

<http://viaf.org/viaf/28129105> # Ernesto Talvi
    a schema:Person ;
    schema:familyName "Talvi" ;
    schema:givenName "Ernesto" ;
    schema:name "Ernesto Talvi" ;
    .

<http://viaf.org/viaf/62605817> # Alejandro Izquierdo
    a schema:Person ;
    schema:birthDate "1964" ;
    schema:familyName "Izquierdo" ;
    schema:givenName "Alejandro" ;
    schema:name "Alejandro Izquierdo" ;
    .

<http://viaf.org/viaf/85296566> # Guillermo A. Calvo
    a schema:Person ;
    schema:familyName "Calvo" ;
    schema:givenName "Guillermo A." ;
    schema:name "Guillermo A. Calvo" ;
    .

<http://www.worldcat.org/title/-/oclc/65173615>
    a genont:InformationResource, genont:ContentTypeGenericResource ;
    schema:about <http://www.worldcat.org/oclc/65173615> ; # Phoenix miracles in emerging markets recovering without credit from systemic financial crises
    schema:dateModified "2015-03-06" ;
    void:inDataset <http://purl.oclc.org/dataset/WorldCat> ;
    .


Content-negotiable representations

Close Window

Please sign in to WorldCat 

Don't have an account? You can easily create a free account.