04992oam 22012734 450 991078840380332120230828235713.01-4623-2660-91-4527-9857-51-283-51493-197866138273881-4519-0914-4(CKB)3360000000443666(EBL)3014308(SSID)ssj0000943266(PQKBManifestationID)11584498(PQKBTitleCode)TC0000943266(PQKBWorkID)10975387(PQKB)10462282(OCoLC)698585477(MiAaPQ)EBC3014308(IMF)WPIEE2006133(EXLCZ)99336000000044366620020129d2006 uf 0engtxtccrSudden Stops and Currency Drops : A Historical Look /Luis CatãoWashington, D.C. :International Monetary Fund,2006.1 online resource (61 p.)IMF Working PapersAt head of title: Research Department."May 2006."1-4518-6393-4 Includes bibliographical references (p. 52-59).""Contents""; ""I. INTRODUCTION""; ""II. PATTERNS OF SUDDEN STOPS""; ""III. CAPITAL FLOWS AND CURRENCY CRASHES""; ""IV. DOMESTIC FINANCIAL IMPERFECTIONS AND PROCYCLICAL BEHAVIOR""; ""V. CONCLUSION""; ""REFERENCES""This paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing countries then faced episodic capital flow reversals averaging some 5 percent of GDP and with a median duration of four years. Most SSs also displayed striking crosscountry synchronization, being immediately preceded by rising world interest rates. Both fixed and floating exchange rate regimes were hit, with no significant differences between them. Yet, not all SSs resulted in currency drops: while some countries experienced currency collapses, others managed to preserve exchange rate stability. These different responses are related to domestic "frictions" that heightened the procyclicality of absorption and hindered precautionary reserve accumulation in some countries relative to others.IMF Working Papers; Working Paper ;No. 2006/133RecessionsFinancial crisesHistoryBusiness cyclesHistoryExports and ImportsimfFinance: GeneralimfForeign ExchangeimfMoney and Monetary PolicyimfInternational InvestmentimfLong-term Capital MovementsimfMonetary SystemsimfStandardsimfRegimesimfGovernment and the Monetary SystemimfPayment SystemsimfPension FundsimfNon-bank Financial InstitutionsimfFinancial InstrumentsimfInstitutional InvestorsimfInternational economicsimfMonetary economicsimfFinanceimfCurrencyimfForeign exchangeimfCurrenciesimfSecurities settlement systemsimfCapital inflowsimfCapital flowsimfExchange ratesimfCapital movementsimfMoneyimfClearing of securitiesimfArgentinaimfRecessions.Financial crisesHistory.Business cyclesHistory.Exports and ImportsFinance: GeneralForeign ExchangeMoney and Monetary PolicyInternational InvestmentLong-term Capital MovementsMonetary SystemsStandardsRegimesGovernment and the Monetary SystemPayment SystemsPension FundsNon-bank Financial InstitutionsFinancial InstrumentsInstitutional InvestorsInternational economicsMonetary economicsFinanceCurrencyForeign exchangeCurrenciesSecurities settlement systemsCapital inflowsCapital flowsExchange ratesCapital movementsMoneyClearing of securitiesCatão Luis1462122International Monetary Fund.Research Dept.DcWaIMFBOOK9910788403803321Sudden Stops and Currency Drops3850009UNINA