LEADER 04992oam 22012734 450 001 9910788403803321 005 20230828235713.0 010 $a1-4623-2660-9 010 $a1-4527-9857-5 010 $a1-283-51493-1 010 $a9786613827388 010 $a1-4519-0914-4 035 $a(CKB)3360000000443666 035 $a(EBL)3014308 035 $a(SSID)ssj0000943266 035 $a(PQKBManifestationID)11584498 035 $a(PQKBTitleCode)TC0000943266 035 $a(PQKBWorkID)10975387 035 $a(PQKB)10462282 035 $a(OCoLC)698585477 035 $a(MiAaPQ)EBC3014308 035 $a(IMF)WPIEE2006133 035 $a(EXLCZ)993360000000443666 100 $a20020129d2006 uf 0 101 0 $aeng 181 $ctxt 182 $cc 183 $acr 200 10$aSudden Stops and Currency Drops : $eA Historical Look /$fLuis Catão 210 1$aWashington, D.C. :$cInternational Monetary Fund,$d2006. 215 $a1 online resource (61 p.) 225 1 $aIMF Working Papers 300 $aAt head of title: Research Department. 300 $a"May 2006." 311 $a1-4518-6393-4 320 $aIncludes bibliographical references (p. 52-59). 327 $a""Contents""; ""I. INTRODUCTION""; ""II. PATTERNS OF SUDDEN STOPS""; ""III. CAPITAL FLOWS AND CURRENCY CRASHES""; ""IV. DOMESTIC FINANCIAL IMPERFECTIONS AND PROCYCLICAL BEHAVIOR""; ""V. CONCLUSION""; ""REFERENCES"" 330 3 $aThis paper shows that recent manifestations of sudden stops (SSs) in international capital flows have striking parallels in the early financial globalization era preceding World War I. All main capital-importing countries then faced episodic capital flow reversals averaging some 5 percent of GDP and with a median duration of four years. Most SSs also displayed striking crosscountry synchronization, being immediately preceded by rising world interest rates. Both fixed and floating exchange rate regimes were hit, with no significant differences between them. Yet, not all SSs resulted in currency drops: while some countries experienced currency collapses, others managed to preserve exchange rate stability. These different responses are related to domestic "frictions" that heightened the procyclicality of absorption and hindered precautionary reserve accumulation in some countries relative to others. 410 0$aIMF Working Papers; Working Paper ;$vNo. 2006/133 606 $aRecessions 606 $aFinancial crises$xHistory 606 $aBusiness cycles$xHistory 606 $aExports and Imports$2imf 606 $aFinance: General$2imf 606 $aForeign Exchange$2imf 606 $aMoney and Monetary Policy$2imf 606 $aInternational Investment$2imf 606 $aLong-term Capital Movements$2imf 606 $aMonetary Systems$2imf 606 $aStandards$2imf 606 $aRegimes$2imf 606 $aGovernment and the Monetary System$2imf 606 $aPayment Systems$2imf 606 $aPension Funds$2imf 606 $aNon-bank Financial Institutions$2imf 606 $aFinancial Instruments$2imf 606 $aInstitutional Investors$2imf 606 $aInternational economics$2imf 606 $aMonetary economics$2imf 606 $aFinance$2imf 606 $aCurrency$2imf 606 $aForeign exchange$2imf 606 $aCurrencies$2imf 606 $aSecurities settlement systems$2imf 606 $aCapital inflows$2imf 606 $aCapital flows$2imf 606 $aExchange rates$2imf 606 $aCapital movements$2imf 606 $aMoney$2imf 606 $aClearing of securities$2imf 607 $aArgentina$2imf 615 0$aRecessions. 615 0$aFinancial crises$xHistory. 615 0$aBusiness cycles$xHistory. 615 7$aExports and Imports 615 7$aFinance: General 615 7$aForeign Exchange 615 7$aMoney and Monetary Policy 615 7$aInternational Investment 615 7$aLong-term Capital Movements 615 7$aMonetary Systems 615 7$aStandards 615 7$aRegimes 615 7$aGovernment and the Monetary System 615 7$aPayment Systems 615 7$aPension Funds 615 7$aNon-bank Financial Institutions 615 7$aFinancial Instruments 615 7$aInstitutional Investors 615 7$aInternational economics 615 7$aMonetary economics 615 7$aFinance 615 7$aCurrency 615 7$aForeign exchange 615 7$aCurrencies 615 7$aSecurities settlement systems 615 7$aCapital inflows 615 7$aCapital flows 615 7$aExchange rates 615 7$aCapital movements 615 7$aMoney 615 7$aClearing of securities 700 $aCatão$b Luis$01462122 712 02$aInternational Monetary Fund.$bResearch Dept. 801 0$bDcWaIMF 906 $aBOOK 912 $a9910788403803321 996 $aSudden Stops and Currency Drops$93850009 997 $aUNINA