Fire sales are forced sales of assets in which high-valuation bidders are sidelined, typically due to debt overhang …

Do external imbalances increase the risk of financial crises? In this paper, we study the experience of 14 developed … associated with crises lead to deeper recessions and stronger turnarounds in imbalances than during normal recessions. Finally …, we ask if external imbalances help predict financial crises. Our overall result is that credit growth emerges as the …

, portfolio investment, equity investment, and short-term debt. We follow about 100 countries during 1990-2010 when emerging …. Finally, the relationship between growth and short-term debt is nil before the crisis, and negative during the crisis …

Does short-term debt increase vulnerability to financial crisis, or does short-term debt reflect -- rather than cause … -- the incipient crisis? We study the role that short-term debt played in the collapse of the East Asian financial sector in … 1997-1998. We alleviate concerns about the endogeneity of short-term debt by using long-term debt obligations that matured …

-by-country basis. In addition to public debt, we trace out the evolution of its composition between domestic and external borrowing …. Total external debt (public and private) and domestic credit are also included through 2013. This combination gives a broad …

This paper compares the equilibrium dynamics of an economy facing an aggregate collateral constraint on external debt … central finding of the paper is that the economy with the aggregate borrowing limit does not generate higher levels of debt …

crises. In this paper we discuss three concepts widely used in this literature. Two of them original sin' and debt … countries have in servicing and repaying their debts. The debt-intolerance school traces the problem to institutional weaknesses …