Openness to trade is one factor that has been identified as determining whether a country is
prone to sudden stops in capital inflows. Several authors have offered empirical evidence …

The paper lays out an analytical framework for understanding crises in emerging markets
based on examination of stock variables in the aggregate balance sheet of a country and the …

Roughly once a year, the managing director of the International Monetary Fund, the US
treasury secretary and in some cases the finance ministers of other G-7 countries will get a …

In most of the currency crises of the 1990s, the largest output falls have occurred in those
emerging economies with large currency mismatches, a phenomenon that occurs when …

To update a famous old statistic: a political leader in a developing country is almost twice as
likely to lose office in the six months following a currency crash as otherwise. This difference …

We investigate the output effects of banking and currency crises in emerging markets,
focusing on whether" twin crises" entail especially large losses. Recent literature …

A traditional argument in favor of flexible exchange rates is that they insulate output better
from real shocks, because the exchange rate can adjust and stabilize demand for domestic …

In this analysis Morris Goldstein examines currency regime choices for emerging economies
that are heavily involved with private capital markets. The author argues that the best regime …

This paper shows that the quantitative predictions of an equilibrium asset-pricing model with
financial frictions are consistent with key features of the Sudden Stop phenomenon. Foreign …

The characteristics that distinguish most developing countries, compared to large
industrialized countries, include: greater exposure to supply shocks in general and trade …