Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...

This paper has two aims. The first is to provide some explanation for the extraordinary collapse in cross-border bank lending to developing countries which has taken place since 1997. The second is to argue that it might be too simplistic to characterize banks’ behaviour in the past few years...

The paper presents a comprehensive survey of the ‘shopping list’ of sources of external finance that are directly channelled to the business sector of developing countries. Generally, our analytical survey covers the 1970-2000 period, and includes the distribution of foreign resources...

Recently, a dramatic accumulation in foreign exchange reserves has been widely observed in developing countries. This paper explores the possible long-run impacts of this trend on macroeconomic variables in developing countries. We analyze a simple open economy model where increased foreign...

Empirically, net capital inflows are pro-cyclical in developed countries and countercyclical in developing countries. That said, private inflows are pro-cyclical and public inflows are counter-cyclical in both groups of countries. The dominance of private (public) inflows in developed...

The purpose of this empirical study is first to assess the external debt sustainability in a panel of 24 Asian emerging and developing countries divided into four sub-panels, namely the regions of Southeast Asia, Southwest Asia, Central Asia, and the Pacific over the period 1993-2014. We use the...

The paper shows that international government borrowing from multilateral development banks is countercyclical while international government borrowing form private sector lenders is procyclical. The countercyclicality of official lending is mostly driven by the behavior of the World Bank...

Using a sample of 110 developed and developing countries for the period 1990-2004, this paper analyzes the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization. A small supply of tradable goods...

Recently, a dramatic accumulation in foreign exchange reserves has been widely observed in developing countries. This paper explores the possible long-run impacts of this trend on macroeconomic variables in developing countries. We analyze a simple open economy model where increased foreign...

This paper assesses the dynamics of developing and emerging countries external debt and financial vulnerability. It is argued that, although current account positions do have a role in accumulating external liabilities, developing countries' vulnerability primarily lie in their increasing...