Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets

Graciela Kaminsky ()

No 14249, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper studies the determinants of contagion and sudden stops following those crises. The results indicate that contagion and sudden stops tend to occur in economies with financial fragility and current account problems. They also show that high integration in international capital markets exposes countries to sudden stops even in the absence of domestic vulnerabilities.

JEL-codes: F30 F36 (search for similar items in EconPapers)
Date: 2008-08
New Economics Papers: this item is included in nep-cba, nep-cwa and nep-sea
Note: IFM
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Citations: View citations in EconPapers (14)

Published as Graciela L. Kaminsky, 2008. "Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 26, pages 107-130, December.

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Related works:
Journal Article: Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets (2008)
Working Paper: Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets (2008)
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