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Country Risk and Capital Flow Reversals

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Author Info
Assaf Razin
Efraim Sadka

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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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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 8171.

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Date of creation: Mar 2001
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Handle: RePEc:nbr:nberwo:8171

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F3 - International Economics - - International Finance

References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:

  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. [Downloadable!] (restricted)
  2. Robert Townsend, 1979. "Optimal contracts and competitive markets with costly state verification," Staff Report 45, Federal Reserve Bank of Minneapolis. [Downloadable!]
    Other versions:
  3. Roger H. Gordon & A. Lans Bovenberg, 1994. "Why is Capital so Immobile Internationally?: Possible Explanations and Implications for Capital Income Taxation," NBER Working Papers 4796, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
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(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Assaf Razin & Efraim Sadka, 2002. "A Brazilian Debt-Crisis Model," NBER Working Papers 9211, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  2. Joaquim Pinto de Andrade & Vladimir Kuhl Teles, 2004. "An Empirical Model of the Brazilian Country Risk - An Extension of the Beta Country Risk Model," Econometric Society 2004 Latin American Meetings 284, Econometric Society. [Downloadable!]
    Other versions:
  3. Michael Hutchison & Ilan Noy, 2004. "Sudden Stops and the Mexican Wave: Currency Crises, Capital Flow Reversals and Output Loss in Emerging Markets," Santa Cruz Center for International Economics, Working Paper Series 1035, Center for International Economics, UC Santa Cruz. [Downloadable!]
    Other versions:
  4. Assaf Razin & Efraim Sadka, 2003. "A Brazilian-Type Debt Crisis: Simple Analytics," NBER Working Papers 9606, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Michael M. Hutchison & Ilan Noy & Lidan Wang, 2007. "Fiscal and Monetary Policies and the Cost of Sudden Stops," Working Papers 200724, University of Hawaii at Manoa, Department of Economics. [Downloadable!]
  6. De la Torre, Augusto & Levy Yeyati, Eduardo & Schmukler, Sergio L., 2003. "Living and dying with hard pegs : the rise and fall of Argentina's currency board," Policy Research Working Paper Series 2980, The World Bank. [Downloadable!]
    Other versions:
  7. Assaf Razin & Efraim Sadka, 2002. "A Brazilian Debt-Crisis," NBER Working Papers 9160, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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This page was last updated on 2009-11-25.

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