Outflows-induced sudden stops
The term 'sudden stop' refers to a scenario in which an emerging market is suddenly cut off from international capital markets. Losing access to capital markets can be devastating, often resulting in a currency crisis and recession. However, some sudden stop episodes are driven not by global investors heading for the exits, but rather by locals increasing their international claims. The source of the problem determines the policy response. To better focus on sources rather than outcomes, sudden stops should be identified as a cessation of inflows (inflows-induced) or a sudden surge in outflows (outflows-induced).
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Volume (Year): 8 (2005)
Issue (Month): 2 ()
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- Cavallo, Eduardo A. & Frankel, Jeffrey A., 2008.
"Does openness to trade make countries more vulnerable to sudden stops, or less? Using gravity to establish causality,"
Journal of International Money and Finance,
Elsevier, vol. 27(8), pages 1430-1452, December.
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