Sudden Stops and Currency Drops : : A Historical Look / / Luis Catão

• Autore: Catão Luis
• Pubblicazione: Washington, D.C. : , : International Monetary Fund, , 2006
• Descrizione fisica: 1 online resource (61 p.)
• Soggetto topico: Recessions; Financial crises - History; Business cycles - History; Exports and Imports; Finance: General; Foreign Exchange; Money and Monetary Policy; International Investment; Long-term Capital Movements; Monetary Systems; Standards; Regimes; Government and the Monetary System; Payment Systems; Pension Funds; Non-bank Financial Institutions; Financial Instruments; Institutional Investors; International economics; Monetary economics; Finance; Currency; Foreign exchange; Currencies; Securities settlement systems; Capital inflows; Capital flows; Exchange rates; Capital movements; Money; Clearing of securities
• Soggetto geografico: Argentina
• Note generali: At head of title: Research Department.; "May 2006."
• Nota di bibliografia: Includes bibliographical references (p. 52-59).
• Nota di contenuto: ""Contents""; ""I. INTRODUCTION""; ""II. PATTERNS OF SUDDEN STOPS""; ""III. CAPITAL FLOWS AND CURRENCY CRASHES""; ""IV. DOMESTIC FINANCIAL IMPERFECTIONS AND PROCYCLICAL BEHAVIOR""; ""V. CONCLUSION""; ""REFERENCES""
• Sommario/riassunto: 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.
• Titolo autorizzato: Sudden Stops and Currency Drops
• ISBN: 1-4623-2660-9; 1-4527-9857-5; 1-283-51493-1; 9786613827388; 1-4519-0914-4
• Formato: Materiale a stampa
• Livello bibliografico: Monografia
• Lingua di pubblicazione: Inglese
• Record Nr.: 9910788403803321
• Lo trovi qui: Univ. Federico II
• Serie: IMF Working Papers; Working Paper ; ; No. 2006/133