This paper analyzes capital inflow surges in emerging economies from 1980 to 2005. Estimated probit models are used, which discriminate well between surges associated with banking crises or recessions, and those surges that end without such events. The results indicate that the composition of...

After the 2007-2009 global financial crisis and previous financial crises in Latin America, the liquidity-risk exposure of banking systems is considered one of the most important vulnerabilities. At the same time, that exposure may also be the most mysterious of those vulnerabilities, as the...

This document is a supplement to the brochure, Remittances in times of financial instability, and the map of remittances to Latin America and the Caribbean in 2008, produced by MIF. The document provides a short overview of significant trends affecting remittances and their impact on families,...

This document is a supplement to the brochure, Remittances in times of financial instability, and the map of remittances to Latin America and the Caribbean in 2008, produced by MIF. The document provides a short overview of significant trends affecting remittances and their impact on families,...

In this paper we argue that the main difference between the crises is their degree of anticipation. In particular the Asian crises was widely unanticipated, while the Argentinean and Brazil crises were anticipated.

Revitalizing the Jamaican Economy: Policies for Sustained Growth aims to improve our understanding of the constraints to social and economic development in Jamaica. It also proposes practical solutions to overcome some of those problems. This book is a collection of studies commissioned by the...

There is an increasing need for a system of international lending of last resort (ILLR) to provide a safety net in the event of financial crises in vulnerable countries as financial globalization deepens and spreads. Multilateral progress to address liquidity and solvency crises has been patchy...

The paper explores the incidence of sudden stops in capital flows on the incentives for building national institutions that secure property rights in a world where sovereign defaults are possible equilibrium outcomes. Also the paper builds upon the benchmark model of sovereign default and direct...