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Country risk and capital flow reversals

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  • Razin, Assaf
  • Sadka, Efraim

Abstract

A financial crisis with a capital flow reversal occurs when a country shifts abruptly from a 'good' equilibrium with a low country-specific risk premium to a 'bad' equilibrium with a high country-specific risk premium and no foreign credit.

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File URL: http://www.sciencedirect.com/science/article/B6V84-430G2HM-C/2/a931f43d000dcb4efc9a6443563a95b8
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Bibliographic Info

Article provided by Elsevier in its journal Economics Letters.

Volume (Year): 72 (2001)
Issue (Month): 1 (July)
Pages: 73-77

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Handle: RePEc:eee:ecolet:v:72:y:2001:i:1:p:73-77

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Web page: http://www.elsevier.com/locate/ecolet

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References

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  1. Bernanke, Ben & Gertler, Mark, 1989. "Agency Costs, Net Worth, and Business Fluctuations," American Economic Review, American Economic Association, vol. 79(1), pages 14-31, March.
  2. Townsend, Robert M., 1979. "Optimal contracts and competitive markets with costly state verification," Journal of Economic Theory, Elsevier, vol. 21(2), pages 265-293, October.
  3. Gordon, Roger H & Bovenberg, A Lans, 1996. "Why Is Capital So Immobile Internationally? Possible Explanations and Implications for Capital Income Taxation," American Economic Review, American Economic Association, vol. 86(5), pages 1057-75, December.
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Cited by:
  1. Joaquim Andrade & Vladimir Teles, 2006. "An empirical model of the Brazilian country risk -- an extension of the beta country risk model," Applied Economics, Taylor & Francis Journals, vol. 38(11), pages 1271-1278.
  2. Michael M. Hutchison & Ilan Noy, . "Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets," EPRU Working Paper Series 02-12, Economic Policy Research Unit (EPRU), University of Copenhagen. Department of Economics.
  3. Assaf Razin & Efraim Sadka, 2003. "A Brazilian-Type Debt Crisis: Simple Analytics," NBER Working Papers 9606, National Bureau of Economic Research, Inc.
  4. Hutchison, Michael M. & Noy, Ilan & Wang, Lidan, 2010. "Fiscal and monetary policies and the cost of sudden stops," Journal of International Money and Finance, Elsevier, vol. 29(6), pages 973-987, October.
  5. Razin, Assaf & Sadka, Efraim, 2002. "A Brazilian Debt-Crisis Model," CEPR Discussion Papers 3541, C.E.P.R. Discussion Papers.
  6. Augusto de la Torre & Eduardo Levy Yeyati & Sergio L. Schmukler, 2003. "Living and Dying with Hard Pegs: The Rise and Fall of Argentina's Currency Board," JOURNAL OF LACEA ECONOMIA, LACEA - LATIN AMERICAN AND CARIBBEAN ECONOMIC ASSOCIATION.
  7. Assaf Razin & Efraim Sadka, 2002. "A Brazilian Debt-Crisis," NBER Working Papers 9160, National Bureau of Economic Research, Inc.
  8. Barry Eichengreen & Ricardo Hausmann & Ugo Panizza, 2003. "Currency Mismatches, Debt Intolerance and Original Sin: Why They Are Not the Same and Why it Matters," NBER Working Papers 10036, National Bureau of Economic Research, Inc.

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