Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets / Graciela L. Kaminsky.

Format:

Book

Author/Creator:

Kaminsky, Graciela L.

Contributor:

National Bureau of Economic Research.

Series:

Working Paper Series (National Bureau of Economic Research) no. w14249.

NBER working paper series no. w14249

Language:

English

Physical Description:

1 online resource: illustrations (black and white);

Other Title:

Crises and Sudden Stops

Place of Publication:

Cambridge, Mass. National Bureau of Economic Research 2008.

Summary:

The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper studies the determinants of contagion and sudden stops following those crises. The results indicate that contagion and sudden stops tend to occur in economies with financial fragility and current account problems. They also show that high integration in international capital markets exposes countries to sudden stops even in the absence of domestic vulnerabilities.

Notes:

Print version record

August 2008.