This paper analyzes the drivers and consequences of sudden stops of capital flows. It focuses on the impact of external vulnerability on the depth and length of sudden stop crises. The authors analyze 43 developing and developed countries between 1993 and 2006. They find evidence that external vulnerability not only significantly impacts the probability of a sudden stop crisis, but also prolongs the time it takes for growth to revert to its long-term...
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INFORMATION
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2009/08/01
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Document de travail de recherche sur les politiques
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WPS5021
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1
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1
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2010/07/01
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Disclosed
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When do sudden stops really hurt?
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external vulnerability