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Sudden Stops, the Real Exchange Rate, and Fiscal Sustainability: Argentina's Lessons

Guillermo A. Calvo, Alejandro Izquierdo, and Ernesto Talvi

in Monetary Unions and Hard Pegs: Effects on Trade, Financial Development, and Stability

Published in print:
2004
Published Online:
August 2004
ISBN:
9780199271405
eISBN:
9780191601200
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/0199271402.003.0010
Subject:
Economics and Finance, Economic Systems

Argentina’s vulnerability to Sudden Stops in capital flows provides an alternative explanation for the fall of Argentina’s Convertibility Program. Sudden Stops are typically accompanied by a ... More


Systemic Sudden Stops: The Relevance of Balance-Sheet Effects and Financial Integration

Guillermo Calvo, Alejandro Izquierdo, and Luis-Fernando Mejía

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

Using a sample of 110 developed and developing countries for the period 1990-2004, the chapter claims that a small supply of tradable goods relative to their domestic absorption, and large ... More


Systemic Sudden Stops: Crises and Recoveries in EMs

Guillermo Calvo and Pablo Ottonello

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0007
Subject:
Economics and Finance, Macro- and Monetary Economics

The chapter presents stylized facts about recession episodes associated with Systemic Sudden Stops (3S), i.e., large and abrupt reversals in capital inflows in which several economies are hit at ... More


Introduction to Part II

Guillermo Calvo

in Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.003.0006
Subject:
Economics and Finance, Macro- and Monetary Economics

This section offers an introduction to the empirical material covered in Chapters 6 and 7. Moreover, it summarizes research based on Chapter 7 and that develops a methodology for the determination ... More


Macroeconomics in Times of Liquidity Crises: Searching for Economic Essentials

Guillermo A. Calvo

Published in print:
2016
Published Online:
May 2017
ISBN:
9780262035415
eISBN:
9780262336017
Item type:
book
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262035415.001.0001
Subject:
Economics and Finance, Macro- and Monetary Economics

The book claims that liquidity issues are at the heart of recent financial crises, and their analysis helps to explain phenomena that are alien to mainstream macroeconomic models. To make this point, ... More


The Crisis in the Euro Zone

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0004
Subject:
Economics and Finance, International

The EMU by contrast is a dubious candidate for an optimal currency area because although it too trades intensively within the region, national work restrictions greatly impair intra-European labor ... More


The 1990s and Early 2000s

Assaf Razin

in Understanding Global Crises: An Emerging Paradigm

Published in print:
2015
Published Online:
May 2016
ISBN:
9780262028592
eISBN:
9780262327701
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262028592.003.0002
Subject:
Economics and Finance, International

The chapter surveys major financial crises that took place in the 1990s and early 2000s: (a) the credit implosion leading to a severe banking crisis in Japan and a long lasting liquidity trap; (b) ... More


The Role of Monetary Policy in Turkey during the Global Financial Crisis

Harun Alp and Selim Elekdağ

in The Great Recession: Lessons for Central Bankers

Published in print:
2013
Published Online:
January 2015
ISBN:
9780262018340
eISBN:
9780262305921
Item type:
chapter
Publisher:
The MIT Press
DOI:
10.7551/mitpress/9780262018340.003.0003
Subject:
Economics and Finance, Financial Economics

Turkey is an interesting case study because it was one of the hardest hit countries by the crisis, with a year-over-year contraction of 15 percent during the first quarter of 2009. At the same time, ... More


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