The current account reversals, large recessions, and price collapses that define Sudden Stops contradict the predictions of a large class of models in which the current account is a vehicle for consumption smoothing and investment financing. This paper shows that the quantitative predictions of...

The current account reversals, large recessions, and price collapses that define Sudden Stops contradict the predictions of a large class of models in which the current account is a vehicle for consumption smoothing and investment financing. This paper shows that the quantitative predictions of...

The future sustainability of cities is contingent on economic resilience. Yet, urban resilience is still not well understood, as cities are frequently disrupted by shocks, such as natural disasters, economic recessions, or changes in government policies. These shocks can significantly alter a...

Die Lage der russischen Wirtschaft ist dramatisch. Um 3,7% ist die gesamtwirtschaftliche Leistung 2015 eingebrochen. Die verhängten Wirtschaftssanktionen sowie der Ölpreisverfall haben zu der Abwärtsspirale beigetragen. Doch die eigentlichen Schwächen der russischen Wirtschaft sind eher...