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The recent reversal of capital flows to emerging markets has pointed up the continuing relevance of the sudden stop problem. This paper analyzes the sudden stops in capital flows to emerging markets since 1991. It shows that the frequency and duration of sudden stops have remained largely...
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Recent crises in emerging markets have been heavily driven by balance-sheet or net-worth effects. Episodes in countries as far-flung as Indonesia and Argentina have shown that exchange rate adjustments that would normally help to restore balance can be destabilizing, even catastrophic, for...
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I. Background. 1 Introduction -- 2 A century of capital flows -- II. Capital account liberalization. 3 Capital account liberalization : what do the cross-country studies tell us? -- 4 When does capital account liberalization help more than it hurts? with Carlos Arteta and Charles Wyplosz -- III....
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Die Ursachen der beiden gröt︢en ökonomischen Katastrophen in den letzten 100 Jahren - die Weltwirtschaftskrise in den 1930er-Jahren und die Finanzkrise seit 2008 - gleichen einander wie ein Ei dem anderen. Beide entstanden infolge eines krassen Kreditbooms, dubioser Bankpraktiken sowie eines...
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