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Credit Constraints, Firm Dynamics and the Transmission of External Financial Shocks

Author

Listed:
  • Sangeeta Pratap

    (CUNY)

  • Carlos Urrutia

    (ITAM)

Abstract

1989 to 2000, and analyze the effect of the 1994 crisis modeled as an unexpected increase in the risk free rate. The model predicts: (i) a real exchange rate depreciation, (ii) an increase in the debt burden, (ii) a drop in output, (iii) a large decline in investment, (iv) an increase in exports. These real effects are consistent with the evidence for the Mexican crisis.

Suggested Citation

  • Sangeeta Pratap & Carlos Urrutia, 2007. "Credit Constraints, Firm Dynamics and the Transmission of External Financial Shocks," 2007 Meeting Papers 124, Society for Economic Dynamics.
    • Handle: RePEc:red:sed007:124
    as

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    Cited by:

    1. Gallego, Francisco A. & Tessada, José A., 2012. "Sudden stops, financial frictions, and labor market flows: Evidence from Latin America," Journal of Development Economics, Elsevier, vol. 97(2), pages 257-268.
    2. Yuko Imura, 2014. "Credit Market Frictions and Sudden Stops," Staff Working Papers 14-49, Bank of Canada.
    3. Alan Finkelstein-Shapiro & Andrés González Gómez, 2015. "Macroprudential Policy and Labor Market Dynamics in Latin America," IDB Publications (Working Papers) 88738, Inter-American Development Bank.

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