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Sudden stops and currency drops : a historical look

Author: Luis Catão; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, ©2006.
Series: IMF working paper, WP/06/133.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing countries then faced episodic capital flow reversals averaging some 5 percent of GDP and with a median duration of four years. Most SSs also displayed striking crosscountry synchronization, being immediately  Read more...
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Genre/Form: Electronic books
History
Additional Physical Format: Print version:
Catão, Luis.
Sudden stops and currency drops.
[Washington, D.C.] : International Monetary Fund, ©2006
(OCoLC)77530539
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Luis Catão; International Monetary Fund. Research Department.
ISBN: 1283514931 9781283514934 9781451909142 1451909144
OCLC Number: 698585477
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (59 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: IMF working paper, WP/06/133.
Responsibility: [prepared by] Luis A.V. Catão.

Abstract:

This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing countries then faced episodic capital flow reversals averaging some 5 percent of GDP and with a median duration of four years. Most SSs also displayed striking crosscountry synchronization, being immediately preceded by rising world interest rates. Both fixed and floating exchange rate regimes were hit, with no significant differences between them. Yet, not all SSs resulted in currency drops: while some countries experienced currency collapses, others managed to preserve exchange rate stability. These different responses are related to domestic "frictions" that heightened the procyclicality of absorption and hindered precautionary reserve accumulation in some countries relative to others.

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