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Varieties of sovereign crises : Latin America 1820-1931

Author: Graciela Laura Kaminsky; Pablo Vega-García; National Bureau of Economic Research.
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2014.
Series: Working paper series (National Bureau of Economic Research), no. 20042.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
The literature on sovereign defaults has focused on adverse shocks to debtors' economies, suggesting that defaults are of an idiosyncratic nature. Still, many of the sovereign crises are of a systemic nature, clustered around panics in the financial centers. Crises in the financial centers are rare events and their effects on the periphery can only be captured by examining long episodes. This paper examines  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Graciela Laura Kaminsky; Pablo Vega-García; National Bureau of Economic Research.
OCLC Number: 876897708
Notes: Title from http://www.nber.org/papers/20042 viewed April 17, 2014.
"April 2014."
Description: 1 online resource (54, [23] pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 20042.
Responsibility: Graciela Laura Kaminsky, Pablo Vega-García.

Abstract:

The literature on sovereign defaults has focused on adverse shocks to debtors' economies, suggesting that defaults are of an idiosyncratic nature. Still, many of the sovereign crises are of a systemic nature, clustered around panics in the financial centers. Crises in the financial centers are rare events and their effects on the periphery can only be captured by examining long episodes. This paper examines sovereign defaults in Latin America from 1820 to 1931. We find that systemic crises are different. The international collapse of liquidity is at their core. Default spells and recovery rates are also affected by liquidity crashes.

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