Cavallo, Eduardo A.; Fernández Arias, Eduardo; … - 2022
. The determinants include countries' external balance sheets, macroeconomic imbalances, and structural and global factors … to gauge the risk of external crisis: debt liabilities are the riskiest component, FDI liabilities are half as risky, and … FDI assets are the most protective. Macroeconomic imbalances increase risk but are usually not the key drivers of crises …