Bordo, Michael D.; Cavallo, Alberto F.; Meissner, … - In: Journal of Development Economics 91 (2010) 2, pp. 227-241
We study the determinants and output effects of sudden stops in capital inflows during an era of intensified globalization from 1880 to 1913. Higher levels of exposure to foreign currency debt and large current account deficits associated with reliance on foreign capital greatly increased the...