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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


Sudden Stops and IMF-Supported Programs

Barry Eichengreen, Poonam Gupta, and Ashoka Mody

in Financial Markets Volatility and Performance in Emerging Markets

Published in print:
2008
Published Online:
February 2013
ISBN:
9780226184951
eISBN:
9780226185040
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185040.003.0008
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter suggests that International Monetary Fund (IMF)-supported programs and IMF credits reduce the likelihood of sudden stops. There is some evidence that this stabilizing effect is stronger ... 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


Credit, Prices, and Crashes: Business Cycles with a Sudden Stop

Enrique G. Mendoza (ed.)

in Preventing Currency Crises in Emerging Markets

Published in print:
2002
Published Online:
February 2013
ISBN:
9780226184944
eISBN:
9780226185057
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185057.003.0008
Subject:
Economics and Finance, International

This chapter describes the role played by sudden stops (SSs) of capital inflows in triggering a financial crisis. It argues that SS episodes are qualitatively different from standard ... More


Capital Controls, Sudden Stops, and Current Account Reversals

Sebastian Edwards

in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226184975
eISBN:
9780226184999
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226184999.003.0003
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter uses a broad multicountry data set to examine the link between restrictions on capital mobility and currency crises. A country's degree of trade openness is an important determinant of ... More


Inflation Targeting and Sudden Stops

Ricardo J. Caballero and Arvind Krishnamurthy

in The Inflation-Targeting Debate

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226044712
eISBN:
9780226044736
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226044736.003.0011
Subject:
Economics and Finance, Financial Economics

Underlying weaknesses in the domestic financial sector and limited integration with world financial markets make emerging market economies vulnerable to “sudden stops” of capital inflows. Without ... 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


Sudden Stops and Currency Drops: A Historical Look

Luis A. V. Catão

in The Decline of Latin American Economies: Growth, Institutions, and Crises

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226185002
eISBN:
9780226185033
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226185033.003.0008
Subject:
Economics and Finance, International

This chapter describes the historical evidence on sudden stops (SSs) using a new international data set on capital inflows spanning sixteen countries since the early days of financial globalization, ... 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 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


Capital Flows and Controls in Brazil: What Have We Learned?

Ilan Goldfajn and André Minella

in Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences

Published in print:
2007
Published Online:
February 2013
ISBN:
9780226184975
eISBN:
9780226184999
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226184999.003.0009
Subject:
Economics and Finance, Macro- and Monetary Economics

This chapter reviews Brazil's experience with capital controls. In spite of the significant progress in terms of capital account liberalization and currency convertibility attained since the early ... More


Monetary Solidarity in Financial Integration

Waltraud Schelkle

in The Political Economy of Monetary Solidarity: Understanding the Euro Experiment

Published in print:
2017
Published Online:
April 2017
ISBN:
9780198717935
eISBN:
9780191787416
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780198717935.003.0009
Subject:
Political Science, Political Economy

Chapter 9 compares the euro area’s cross-border payments system TARGET with the cross-border payments system ISA in the US. They performed very similarly during the extraordinary monetary times of ... 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


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