The nature of the microeconomic frictions that transform sudden stops into output collapses is not only of academic interest, but also crucial for the correct design of policy responses intended to prevent and address these episodes. This paper uses industry-level data in a sample of 45...

We calculate investor losses ("haircuts") and recovery values in recent debt restructurings in Russia, Ukraine, Pakistan, Ecuador, Argentina, and Uruguay. Haircuts are computed as the percentage difference between the present values of old and new instruments, discounted at the yield prevailing...

This paper synthesizes studies analyzing the effects of capital account liberalization on industry growth while controlling for financial crises, domestic financial development and the strength of institutions. We find evidence that financial openness has positive effects on the growth of...