A theory of rollover risk, sudden stops, and foreign reserves
نویسندگان
چکیده
منابع مشابه
Lessons from the Debt - Deflation Theory of Sudden Stops
The " Sudden Stop " phenomenon of the recurrent emerging markets crises of the last ten years is one of the key questions facing International Macroeconomics. Sudden Stops are defined by unusually large recessions marked by: sharp, abrupt current account reversals, large contractions in output and absorption, and collapses in goods and asset prices. In Mexico's 1995 Sudden Stop, for example, th...
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15 صفحه اولSoutheastern Europe: Financial Deepening, Foreign Banks and Sudden Stops in Capital Flows
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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 traders incur costs in trading assets with domestic agents, and a collateral constraint limits external debt to a fraction of the market value of domestic equity holdings. When this constraint does not bind, sta...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2016
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2016.08.006