Catão, Luis; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2013
percent of the country-specific historical mean. This is primarily due to net external debt--the effect of net equity … liabilities is weaker and net FDI liabilities seem if anything an offset factor. We also find that: i) breaking down net external … debt into its gross asset and liability counterparts does not add significant explanatory power to crisis prediction; ii …