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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"Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, or Less? Using Gravity to Establish Causality,"
Research Department Publications
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- Jeffrey A. Frankel & Eduardo A. Cavallo, 2004. "Does Openness to Trade Make Countries More Vulnerable to Sudden Stops, Or Less? Using Gravity to Establish Causality," NBER Working Papers 10957, National Bureau of Economic Research, Inc.
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NBER Working Papers
10277, National Bureau of Economic Research, Inc.
- Sebastian Edwards, 2004. "Financial Openness, Sudden Stops, and Current-Account Reversals," American Economic Review, American Economic Association, vol. 94(2), pages 59-64, May.
- Sebastian Auguste & Kathryn M.E. Dominguez & Herman Kamil & Linda L. Tesar, 2002.
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William Davidson Institute Working Papers Series
513, William Davidson Institute at the University of Michigan.
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