Blalock, Garrick; Gertler, Paul J.; Levine, David I. - In: Journal of Monetary Economics 55 (2008) 3, pp. 568-591
We investigate whether capital market imperfections constrain investment during an emerging market financial crisis. Both large currency devaluations and banking sector failures characterize recent crises. Although a currency devaluation should increase exporters' competitiveness and investment,...