Managing Sudden Stops

The recent reversal of capital flows to emerging markets has pointed up the continuing relevance of the sudden stop problem. This paper analyzes the sudden stops in capital flows to emerging markets since 1991. It shows that the frequency and duration of sudden stops have remained largely unchanged, but that the relative importance of different factors in their incidence has changed. In particular, global factors appear to have become more important relative to country-specific characteristics and policies. Sudden stops now tend to affect different parts of the world simultaneously rather than bunching regionally. Stronger macroeconomic and financial frameworks have allowed policy makers to respond more flexibly, but these more flexible responses have not guaranteed insulation or mitigated the impact of the phenomenon. These findings suggest that the challenge of understanding and coping with capital-flow volatility is far from fully met.

Saved in:
Bibliographic Details
Main Authors: Eichengreen, Barry, Gupta, Poonam
Format: Working Paper biblioteca
Language:English
en_US
Published: World Bank, Washington, DC 2016-04
Subjects:CURRENCY MISMATCHES, MONETARY POLICY, DEFICIT, DEPOSIT, FOREIGN CAPITAL, TRADE CREDIT, CHECKS, ACCOUNTING, MONEY SUPPLIES, INTERNATIONAL CAPITAL, PUBLIC DEBTS, EQUITY FLOWS, STOCK, FISCAL DEFICITS, FOREIGN EXCHANGE MARKET, INTEREST, TRADE CREDITS, MONEY SUPPLY, EMERGING ECONOMIES, FLEXIBLE EXCHANGE RATES, INTEREST RATE, OPTION, EXCHANGE, LIQUIDITY, INTERNATIONAL FINANCIAL MARKETS, CORPORATE SECURITIES, PORTFOLIO, BANK INTEREST RATES, FISCAL POLICY, BONDS, MARKET INSTRUMENTS, CURRENCY MISMATCH, TAX, DUMMY VARIABLE, RESERVE, CENTRAL BANKS, INFLATION, INTERNATIONAL BANK, INSTRUMENTS, FINANCIAL FRAGILITY, BANK LENDING, BUDGET, CENTRAL BANK, POLICY RESPONSE, EQUITY CAPITAL, FISCAL POLICIES, TRADE BALANCE, GLOBAL ECONOMY, CURRENCY, EXCHANGE RATE MOVEMENTS, POLICY RESPONSES, PORTFOLIO CAPITAL, DEBTS, EXCHANGE RATES, CAPITAL ACCOUNT TRANSACTIONS, OPTIONS, INTEREST RATES, MONETARY FUND, FLEXIBLE EXCHANGE RATE, CAPITAL OUTFLOWS, FINANCIAL INSTITUTIONS, MARKETS, DEBT, CAPITAL MARKET, RETURN, DEFICITS, BUDGET DEFICIT, BUDGET DEFICITS, INTERNATIONAL ECONOMICS, SHORT-TERM CAPITAL, LOANS, RESERVES, BANK CREDIT, FINANCIAL SYSTEM, FINANCE, FOREIGN CURRENCY, INTERNATIONAL FINANCIAL INSTITUTIONS, TAXES, BANKING SECTOR, EXPENDITURE, TRANSACTIONS, EMERGING MARKETS, EQUITY, INVESTORS, FEDERAL RESERVE, FOREIGN EXCHANGE RESERVES, BOND MARKETS, PRIVATE SECTOR BANK, RATES OF INFLATION, INTERNATIONAL INVESTMENT, FINANCIAL CRISIS, INTERNATIONAL CAPITAL MARKET, CAPITAL MOVEMENTS, BUDGETS, DOMESTIC BANKING, BANK BALANCE SHEETS, CAPITAL FLOWS, CURRENT ACCOUNT DEFICIT, SHARES, BALANCE SHEET, REAL EXCHANGE RATE, MARKET, LOCAL CURRENCY, FOREIGN EXCHANGE, MONETARY POLICIES, SECURITIES, PUBLIC DEBT, CAPITAL INFLOW, INFLATION RATES, INSURANCE, CURRENCIES, GOVERNMENT DEBT, CURRENCY DEPRECIATION, FINANCIAL LIBERALIZATION, GOODS, SECURITY, INVESTMENT, BOND, DOMESTIC CREDIT, SHARE, BALANCE SHEETS, FINANCIAL MARKETS, POLITICAL STABILITY, BID, CAPITAL INFLOWS, REVENUE, MONEY MARKET, MONEY MARKET INSTRUMENTS, LENDING, CONSUMER PRICE INDEX, CREDIT GROWTH, CAPITAL FLOW, EXCHANGE RATE, INSTRUMENT, RISK AVERSION, PORTFOLIO FLOWS, LIABILITIES, OPEN ECONOMIES, INTERNATIONAL INVESTORS, FOREIGN EQUITY, CAPITAL ACCOUNT, FINANCIAL OPENNESS, CREDIT LINES, GUARANTEE, DEVELOPMENT BANK, POLITICAL RISK,
Online Access:http://documents.worldbank.org/curated/en/2016/04/26219966/managing-sudden-stops
https://hdl.handle.net/10986/24213
Tags: Add Tag
No Tags, Be the first to tag this record!
id dig-okr-1098624213
record_format koha
spelling dig-okr-10986242132024-08-07T19:59:33Z Managing Sudden Stops Eichengreen, Barry Gupta, Poonam CURRENCY MISMATCHES MONETARY POLICY DEFICIT DEPOSIT FOREIGN CAPITAL TRADE CREDIT CHECKS ACCOUNTING MONEY SUPPLIES INTERNATIONAL CAPITAL PUBLIC DEBTS EQUITY FLOWS STOCK FISCAL DEFICITS FOREIGN EXCHANGE MARKET INTEREST TRADE CREDITS MONEY SUPPLY EMERGING ECONOMIES FLEXIBLE EXCHANGE RATES INTEREST RATE OPTION EXCHANGE LIQUIDITY INTERNATIONAL FINANCIAL MARKETS CORPORATE SECURITIES PORTFOLIO BANK INTEREST RATES FISCAL POLICY BONDS MARKET INSTRUMENTS CURRENCY MISMATCH TAX DUMMY VARIABLE RESERVE CENTRAL BANKS INFLATION INTERNATIONAL BANK INSTRUMENTS FINANCIAL FRAGILITY BANK LENDING BUDGET CENTRAL BANK POLICY RESPONSE EQUITY CAPITAL FISCAL POLICIES TRADE BALANCE GLOBAL ECONOMY CURRENCY EXCHANGE RATE MOVEMENTS POLICY RESPONSES PORTFOLIO CAPITAL DEBTS EXCHANGE RATES CAPITAL ACCOUNT TRANSACTIONS OPTIONS INTEREST RATES MONETARY FUND FLEXIBLE EXCHANGE RATE CAPITAL OUTFLOWS FINANCIAL INSTITUTIONS MARKETS DEBT CAPITAL MARKET RETURN DEFICITS BUDGET DEFICIT BUDGET DEFICITS INTERNATIONAL ECONOMICS SHORT-TERM CAPITAL LOANS RESERVES BANK CREDIT FINANCIAL SYSTEM FINANCE FOREIGN CURRENCY INTERNATIONAL FINANCIAL INSTITUTIONS TAXES BANKING SECTOR EXPENDITURE TRANSACTIONS EMERGING MARKETS EQUITY INVESTORS FEDERAL RESERVE FOREIGN EXCHANGE RESERVES BOND MARKETS PRIVATE SECTOR BANK RATES OF INFLATION INTERNATIONAL INVESTMENT FINANCIAL CRISIS INTERNATIONAL CAPITAL MARKET CAPITAL MOVEMENTS BUDGETS DOMESTIC BANKING BANK BALANCE SHEETS CAPITAL FLOWS CURRENT ACCOUNT DEFICIT SHARES BALANCE SHEET REAL EXCHANGE RATE MARKET LOCAL CURRENCY FOREIGN EXCHANGE MONETARY POLICIES SECURITIES PUBLIC DEBT CAPITAL INFLOW INFLATION RATES INSURANCE CURRENCIES GOVERNMENT DEBT CURRENCY DEPRECIATION FINANCIAL LIBERALIZATION GOODS SECURITY INVESTMENT BOND DOMESTIC CREDIT SHARE BALANCE SHEETS FINANCIAL MARKETS POLITICAL STABILITY BID CAPITAL INFLOWS REVENUE MONEY MARKET MONEY MARKET INSTRUMENTS LENDING CONSUMER PRICE INDEX CREDIT GROWTH CAPITAL FLOW EXCHANGE RATE INSTRUMENT RISK AVERSION PORTFOLIO FLOWS LIABILITIES OPEN ECONOMIES INTERNATIONAL INVESTORS FOREIGN EQUITY CAPITAL ACCOUNT FINANCIAL OPENNESS CREDIT LINES GUARANTEE DEVELOPMENT BANK POLITICAL RISK The recent reversal of capital flows to emerging markets has pointed up the continuing relevance of the sudden stop problem. This paper analyzes the sudden stops in capital flows to emerging markets since 1991. It shows that the frequency and duration of sudden stops have remained largely unchanged, but that the relative importance of different factors in their incidence has changed. In particular, global factors appear to have become more important relative to country-specific characteristics and policies. Sudden stops now tend to affect different parts of the world simultaneously rather than bunching regionally. Stronger macroeconomic and financial frameworks have allowed policy makers to respond more flexibly, but these more flexible responses have not guaranteed insulation or mitigated the impact of the phenomenon. These findings suggest that the challenge of understanding and coping with capital-flow volatility is far from fully met. 2016-05-04T18:13:27Z 2016-05-04T18:13:27Z 2016-04 Working Paper Document de travail Documento de trabajo http://documents.worldbank.org/curated/en/2016/04/26219966/managing-sudden-stops https://hdl.handle.net/10986/24213 English en_US Policy Research Working Paper;No. 7639 CC BY 3.0 IGO http://creativecommons.org/licenses/by/3.0/igo/ World Bank application/pdf text/plain World Bank, Washington, DC
institution Banco Mundial
collection DSpace
country Estados Unidos
countrycode US
component Bibliográfico
access En linea
databasecode dig-okr
tag biblioteca
region America del Norte
libraryname Biblioteca del Banco Mundial
language English
en_US
topic CURRENCY MISMATCHES
MONETARY POLICY
DEFICIT
DEPOSIT
FOREIGN CAPITAL
TRADE CREDIT
CHECKS
ACCOUNTING
MONEY SUPPLIES
INTERNATIONAL CAPITAL
PUBLIC DEBTS
EQUITY FLOWS
STOCK
FISCAL DEFICITS
FOREIGN EXCHANGE MARKET
INTEREST
TRADE CREDITS
MONEY SUPPLY
EMERGING ECONOMIES
FLEXIBLE EXCHANGE RATES
INTEREST RATE
OPTION
EXCHANGE
LIQUIDITY
INTERNATIONAL FINANCIAL MARKETS
CORPORATE SECURITIES
PORTFOLIO
BANK INTEREST RATES
FISCAL POLICY
BONDS
MARKET INSTRUMENTS
CURRENCY MISMATCH
TAX
DUMMY VARIABLE
RESERVE
CENTRAL BANKS
INFLATION
INTERNATIONAL BANK
INSTRUMENTS
FINANCIAL FRAGILITY
BANK LENDING
BUDGET
CENTRAL BANK
POLICY RESPONSE
EQUITY CAPITAL
FISCAL POLICIES
TRADE BALANCE
GLOBAL ECONOMY
CURRENCY
EXCHANGE RATE MOVEMENTS
POLICY RESPONSES
PORTFOLIO CAPITAL
DEBTS
EXCHANGE RATES
CAPITAL ACCOUNT TRANSACTIONS
OPTIONS
INTEREST RATES
MONETARY FUND
FLEXIBLE EXCHANGE RATE
CAPITAL OUTFLOWS
FINANCIAL INSTITUTIONS
MARKETS
DEBT
CAPITAL MARKET
RETURN
DEFICITS
BUDGET DEFICIT
BUDGET DEFICITS
INTERNATIONAL ECONOMICS
SHORT-TERM CAPITAL
LOANS
RESERVES
BANK CREDIT
FINANCIAL SYSTEM
FINANCE
FOREIGN CURRENCY
INTERNATIONAL FINANCIAL INSTITUTIONS
TAXES
BANKING SECTOR
EXPENDITURE
TRANSACTIONS
EMERGING MARKETS
EQUITY
INVESTORS
FEDERAL RESERVE
FOREIGN EXCHANGE RESERVES
BOND MARKETS
PRIVATE SECTOR BANK
RATES OF INFLATION
INTERNATIONAL INVESTMENT
FINANCIAL CRISIS
INTERNATIONAL CAPITAL MARKET
CAPITAL MOVEMENTS
BUDGETS
DOMESTIC BANKING
BANK BALANCE SHEETS
CAPITAL FLOWS
CURRENT ACCOUNT DEFICIT
SHARES
BALANCE SHEET
REAL EXCHANGE RATE
MARKET
LOCAL CURRENCY
FOREIGN EXCHANGE
MONETARY POLICIES
SECURITIES
PUBLIC DEBT
CAPITAL INFLOW
INFLATION RATES
INSURANCE
CURRENCIES
GOVERNMENT DEBT
CURRENCY DEPRECIATION
FINANCIAL LIBERALIZATION
GOODS
SECURITY
INVESTMENT
BOND
DOMESTIC CREDIT
SHARE
BALANCE SHEETS
FINANCIAL MARKETS
POLITICAL STABILITY
BID
CAPITAL INFLOWS
REVENUE
MONEY MARKET
MONEY MARKET INSTRUMENTS
LENDING
CONSUMER PRICE INDEX
CREDIT GROWTH
CAPITAL FLOW
EXCHANGE RATE
INSTRUMENT
RISK AVERSION
PORTFOLIO FLOWS
LIABILITIES
OPEN ECONOMIES
INTERNATIONAL INVESTORS
FOREIGN EQUITY
CAPITAL ACCOUNT
FINANCIAL OPENNESS
CREDIT LINES
GUARANTEE
DEVELOPMENT BANK
POLITICAL RISK
CURRENCY MISMATCHES
MONETARY POLICY
DEFICIT
DEPOSIT
FOREIGN CAPITAL
TRADE CREDIT
CHECKS
ACCOUNTING
MONEY SUPPLIES
INTERNATIONAL CAPITAL
PUBLIC DEBTS
EQUITY FLOWS
STOCK
FISCAL DEFICITS
FOREIGN EXCHANGE MARKET
INTEREST
TRADE CREDITS
MONEY SUPPLY
EMERGING ECONOMIES
FLEXIBLE EXCHANGE RATES
INTEREST RATE
OPTION
EXCHANGE
LIQUIDITY
INTERNATIONAL FINANCIAL MARKETS
CORPORATE SECURITIES
PORTFOLIO
BANK INTEREST RATES
FISCAL POLICY
BONDS
MARKET INSTRUMENTS
CURRENCY MISMATCH
TAX
DUMMY VARIABLE
RESERVE
CENTRAL BANKS
INFLATION
INTERNATIONAL BANK
INSTRUMENTS
FINANCIAL FRAGILITY
BANK LENDING
BUDGET
CENTRAL BANK
POLICY RESPONSE
EQUITY CAPITAL
FISCAL POLICIES
TRADE BALANCE
GLOBAL ECONOMY
CURRENCY
EXCHANGE RATE MOVEMENTS
POLICY RESPONSES
PORTFOLIO CAPITAL
DEBTS
EXCHANGE RATES
CAPITAL ACCOUNT TRANSACTIONS
OPTIONS
INTEREST RATES
MONETARY FUND
FLEXIBLE EXCHANGE RATE
CAPITAL OUTFLOWS
FINANCIAL INSTITUTIONS
MARKETS
DEBT
CAPITAL MARKET
RETURN
DEFICITS
BUDGET DEFICIT
BUDGET DEFICITS
INTERNATIONAL ECONOMICS
SHORT-TERM CAPITAL
LOANS
RESERVES
BANK CREDIT
FINANCIAL SYSTEM
FINANCE
FOREIGN CURRENCY
INTERNATIONAL FINANCIAL INSTITUTIONS
TAXES
BANKING SECTOR
EXPENDITURE
TRANSACTIONS
EMERGING MARKETS
EQUITY
INVESTORS
FEDERAL RESERVE
FOREIGN EXCHANGE RESERVES
BOND MARKETS
PRIVATE SECTOR BANK
RATES OF INFLATION
INTERNATIONAL INVESTMENT
FINANCIAL CRISIS
INTERNATIONAL CAPITAL MARKET
CAPITAL MOVEMENTS
BUDGETS
DOMESTIC BANKING
BANK BALANCE SHEETS
CAPITAL FLOWS
CURRENT ACCOUNT DEFICIT
SHARES
BALANCE SHEET
REAL EXCHANGE RATE
MARKET
LOCAL CURRENCY
FOREIGN EXCHANGE
MONETARY POLICIES
SECURITIES
PUBLIC DEBT
CAPITAL INFLOW
INFLATION RATES
INSURANCE
CURRENCIES
GOVERNMENT DEBT
CURRENCY DEPRECIATION
FINANCIAL LIBERALIZATION
GOODS
SECURITY
INVESTMENT
BOND
DOMESTIC CREDIT
SHARE
BALANCE SHEETS
FINANCIAL MARKETS
POLITICAL STABILITY
BID
CAPITAL INFLOWS
REVENUE
MONEY MARKET
MONEY MARKET INSTRUMENTS
LENDING
CONSUMER PRICE INDEX
CREDIT GROWTH
CAPITAL FLOW
EXCHANGE RATE
INSTRUMENT
RISK AVERSION
PORTFOLIO FLOWS
LIABILITIES
OPEN ECONOMIES
INTERNATIONAL INVESTORS
FOREIGN EQUITY
CAPITAL ACCOUNT
FINANCIAL OPENNESS
CREDIT LINES
GUARANTEE
DEVELOPMENT BANK
POLITICAL RISK
spellingShingle CURRENCY MISMATCHES
MONETARY POLICY
DEFICIT
DEPOSIT
FOREIGN CAPITAL
TRADE CREDIT
CHECKS
ACCOUNTING
MONEY SUPPLIES
INTERNATIONAL CAPITAL
PUBLIC DEBTS
EQUITY FLOWS
STOCK
FISCAL DEFICITS
FOREIGN EXCHANGE MARKET
INTEREST
TRADE CREDITS
MONEY SUPPLY
EMERGING ECONOMIES
FLEXIBLE EXCHANGE RATES
INTEREST RATE
OPTION
EXCHANGE
LIQUIDITY
INTERNATIONAL FINANCIAL MARKETS
CORPORATE SECURITIES
PORTFOLIO
BANK INTEREST RATES
FISCAL POLICY
BONDS
MARKET INSTRUMENTS
CURRENCY MISMATCH
TAX
DUMMY VARIABLE
RESERVE
CENTRAL BANKS
INFLATION
INTERNATIONAL BANK
INSTRUMENTS
FINANCIAL FRAGILITY
BANK LENDING
BUDGET
CENTRAL BANK
POLICY RESPONSE
EQUITY CAPITAL
FISCAL POLICIES
TRADE BALANCE
GLOBAL ECONOMY
CURRENCY
EXCHANGE RATE MOVEMENTS
POLICY RESPONSES
PORTFOLIO CAPITAL
DEBTS
EXCHANGE RATES
CAPITAL ACCOUNT TRANSACTIONS
OPTIONS
INTEREST RATES
MONETARY FUND
FLEXIBLE EXCHANGE RATE
CAPITAL OUTFLOWS
FINANCIAL INSTITUTIONS
MARKETS
DEBT
CAPITAL MARKET
RETURN
DEFICITS
BUDGET DEFICIT
BUDGET DEFICITS
INTERNATIONAL ECONOMICS
SHORT-TERM CAPITAL
LOANS
RESERVES
BANK CREDIT
FINANCIAL SYSTEM
FINANCE
FOREIGN CURRENCY
INTERNATIONAL FINANCIAL INSTITUTIONS
TAXES
BANKING SECTOR
EXPENDITURE
TRANSACTIONS
EMERGING MARKETS
EQUITY
INVESTORS
FEDERAL RESERVE
FOREIGN EXCHANGE RESERVES
BOND MARKETS
PRIVATE SECTOR BANK
RATES OF INFLATION
INTERNATIONAL INVESTMENT
FINANCIAL CRISIS
INTERNATIONAL CAPITAL MARKET
CAPITAL MOVEMENTS
BUDGETS
DOMESTIC BANKING
BANK BALANCE SHEETS
CAPITAL FLOWS
CURRENT ACCOUNT DEFICIT
SHARES
BALANCE SHEET
REAL EXCHANGE RATE
MARKET
LOCAL CURRENCY
FOREIGN EXCHANGE
MONETARY POLICIES
SECURITIES
PUBLIC DEBT
CAPITAL INFLOW
INFLATION RATES
INSURANCE
CURRENCIES
GOVERNMENT DEBT
CURRENCY DEPRECIATION
FINANCIAL LIBERALIZATION
GOODS
SECURITY
INVESTMENT
BOND
DOMESTIC CREDIT
SHARE
BALANCE SHEETS
FINANCIAL MARKETS
POLITICAL STABILITY
BID
CAPITAL INFLOWS
REVENUE
MONEY MARKET
MONEY MARKET INSTRUMENTS
LENDING
CONSUMER PRICE INDEX
CREDIT GROWTH
CAPITAL FLOW
EXCHANGE RATE
INSTRUMENT
RISK AVERSION
PORTFOLIO FLOWS
LIABILITIES
OPEN ECONOMIES
INTERNATIONAL INVESTORS
FOREIGN EQUITY
CAPITAL ACCOUNT
FINANCIAL OPENNESS
CREDIT LINES
GUARANTEE
DEVELOPMENT BANK
POLITICAL RISK
CURRENCY MISMATCHES
MONETARY POLICY
DEFICIT
DEPOSIT
FOREIGN CAPITAL
TRADE CREDIT
CHECKS
ACCOUNTING
MONEY SUPPLIES
INTERNATIONAL CAPITAL
PUBLIC DEBTS
EQUITY FLOWS
STOCK
FISCAL DEFICITS
FOREIGN EXCHANGE MARKET
INTEREST
TRADE CREDITS
MONEY SUPPLY
EMERGING ECONOMIES
FLEXIBLE EXCHANGE RATES
INTEREST RATE
OPTION
EXCHANGE
LIQUIDITY
INTERNATIONAL FINANCIAL MARKETS
CORPORATE SECURITIES
PORTFOLIO
BANK INTEREST RATES
FISCAL POLICY
BONDS
MARKET INSTRUMENTS
CURRENCY MISMATCH
TAX
DUMMY VARIABLE
RESERVE
CENTRAL BANKS
INFLATION
INTERNATIONAL BANK
INSTRUMENTS
FINANCIAL FRAGILITY
BANK LENDING
BUDGET
CENTRAL BANK
POLICY RESPONSE
EQUITY CAPITAL
FISCAL POLICIES
TRADE BALANCE
GLOBAL ECONOMY
CURRENCY
EXCHANGE RATE MOVEMENTS
POLICY RESPONSES
PORTFOLIO CAPITAL
DEBTS
EXCHANGE RATES
CAPITAL ACCOUNT TRANSACTIONS
OPTIONS
INTEREST RATES
MONETARY FUND
FLEXIBLE EXCHANGE RATE
CAPITAL OUTFLOWS
FINANCIAL INSTITUTIONS
MARKETS
DEBT
CAPITAL MARKET
RETURN
DEFICITS
BUDGET DEFICIT
BUDGET DEFICITS
INTERNATIONAL ECONOMICS
SHORT-TERM CAPITAL
LOANS
RESERVES
BANK CREDIT
FINANCIAL SYSTEM
FINANCE
FOREIGN CURRENCY
INTERNATIONAL FINANCIAL INSTITUTIONS
TAXES
BANKING SECTOR
EXPENDITURE
TRANSACTIONS
EMERGING MARKETS
EQUITY
INVESTORS
FEDERAL RESERVE
FOREIGN EXCHANGE RESERVES
BOND MARKETS
PRIVATE SECTOR BANK
RATES OF INFLATION
INTERNATIONAL INVESTMENT
FINANCIAL CRISIS
INTERNATIONAL CAPITAL MARKET
CAPITAL MOVEMENTS
BUDGETS
DOMESTIC BANKING
BANK BALANCE SHEETS
CAPITAL FLOWS
CURRENT ACCOUNT DEFICIT
SHARES
BALANCE SHEET
REAL EXCHANGE RATE
MARKET
LOCAL CURRENCY
FOREIGN EXCHANGE
MONETARY POLICIES
SECURITIES
PUBLIC DEBT
CAPITAL INFLOW
INFLATION RATES
INSURANCE
CURRENCIES
GOVERNMENT DEBT
CURRENCY DEPRECIATION
FINANCIAL LIBERALIZATION
GOODS
SECURITY
INVESTMENT
BOND
DOMESTIC CREDIT
SHARE
BALANCE SHEETS
FINANCIAL MARKETS
POLITICAL STABILITY
BID
CAPITAL INFLOWS
REVENUE
MONEY MARKET
MONEY MARKET INSTRUMENTS
LENDING
CONSUMER PRICE INDEX
CREDIT GROWTH
CAPITAL FLOW
EXCHANGE RATE
INSTRUMENT
RISK AVERSION
PORTFOLIO FLOWS
LIABILITIES
OPEN ECONOMIES
INTERNATIONAL INVESTORS
FOREIGN EQUITY
CAPITAL ACCOUNT
FINANCIAL OPENNESS
CREDIT LINES
GUARANTEE
DEVELOPMENT BANK
POLITICAL RISK
Eichengreen, Barry
Gupta, Poonam
Managing Sudden Stops
description The recent reversal of capital flows to emerging markets has pointed up the continuing relevance of the sudden stop problem. This paper analyzes the sudden stops in capital flows to emerging markets since 1991. It shows that the frequency and duration of sudden stops have remained largely unchanged, but that the relative importance of different factors in their incidence has changed. In particular, global factors appear to have become more important relative to country-specific characteristics and policies. Sudden stops now tend to affect different parts of the world simultaneously rather than bunching regionally. Stronger macroeconomic and financial frameworks have allowed policy makers to respond more flexibly, but these more flexible responses have not guaranteed insulation or mitigated the impact of the phenomenon. These findings suggest that the challenge of understanding and coping with capital-flow volatility is far from fully met.
format Working Paper
topic_facet CURRENCY MISMATCHES
MONETARY POLICY
DEFICIT
DEPOSIT
FOREIGN CAPITAL
TRADE CREDIT
CHECKS
ACCOUNTING
MONEY SUPPLIES
INTERNATIONAL CAPITAL
PUBLIC DEBTS
EQUITY FLOWS
STOCK
FISCAL DEFICITS
FOREIGN EXCHANGE MARKET
INTEREST
TRADE CREDITS
MONEY SUPPLY
EMERGING ECONOMIES
FLEXIBLE EXCHANGE RATES
INTEREST RATE
OPTION
EXCHANGE
LIQUIDITY
INTERNATIONAL FINANCIAL MARKETS
CORPORATE SECURITIES
PORTFOLIO
BANK INTEREST RATES
FISCAL POLICY
BONDS
MARKET INSTRUMENTS
CURRENCY MISMATCH
TAX
DUMMY VARIABLE
RESERVE
CENTRAL BANKS
INFLATION
INTERNATIONAL BANK
INSTRUMENTS
FINANCIAL FRAGILITY
BANK LENDING
BUDGET
CENTRAL BANK
POLICY RESPONSE
EQUITY CAPITAL
FISCAL POLICIES
TRADE BALANCE
GLOBAL ECONOMY
CURRENCY
EXCHANGE RATE MOVEMENTS
POLICY RESPONSES
PORTFOLIO CAPITAL
DEBTS
EXCHANGE RATES
CAPITAL ACCOUNT TRANSACTIONS
OPTIONS
INTEREST RATES
MONETARY FUND
FLEXIBLE EXCHANGE RATE
CAPITAL OUTFLOWS
FINANCIAL INSTITUTIONS
MARKETS
DEBT
CAPITAL MARKET
RETURN
DEFICITS
BUDGET DEFICIT
BUDGET DEFICITS
INTERNATIONAL ECONOMICS
SHORT-TERM CAPITAL
LOANS
RESERVES
BANK CREDIT
FINANCIAL SYSTEM
FINANCE
FOREIGN CURRENCY
INTERNATIONAL FINANCIAL INSTITUTIONS
TAXES
BANKING SECTOR
EXPENDITURE
TRANSACTIONS
EMERGING MARKETS
EQUITY
INVESTORS
FEDERAL RESERVE
FOREIGN EXCHANGE RESERVES
BOND MARKETS
PRIVATE SECTOR BANK
RATES OF INFLATION
INTERNATIONAL INVESTMENT
FINANCIAL CRISIS
INTERNATIONAL CAPITAL MARKET
CAPITAL MOVEMENTS
BUDGETS
DOMESTIC BANKING
BANK BALANCE SHEETS
CAPITAL FLOWS
CURRENT ACCOUNT DEFICIT
SHARES
BALANCE SHEET
REAL EXCHANGE RATE
MARKET
LOCAL CURRENCY
FOREIGN EXCHANGE
MONETARY POLICIES
SECURITIES
PUBLIC DEBT
CAPITAL INFLOW
INFLATION RATES
INSURANCE
CURRENCIES
GOVERNMENT DEBT
CURRENCY DEPRECIATION
FINANCIAL LIBERALIZATION
GOODS
SECURITY
INVESTMENT
BOND
DOMESTIC CREDIT
SHARE
BALANCE SHEETS
FINANCIAL MARKETS
POLITICAL STABILITY
BID
CAPITAL INFLOWS
REVENUE
MONEY MARKET
MONEY MARKET INSTRUMENTS
LENDING
CONSUMER PRICE INDEX
CREDIT GROWTH
CAPITAL FLOW
EXCHANGE RATE
INSTRUMENT
RISK AVERSION
PORTFOLIO FLOWS
LIABILITIES
OPEN ECONOMIES
INTERNATIONAL INVESTORS
FOREIGN EQUITY
CAPITAL ACCOUNT
FINANCIAL OPENNESS
CREDIT LINES
GUARANTEE
DEVELOPMENT BANK
POLITICAL RISK
author Eichengreen, Barry
Gupta, Poonam
author_facet Eichengreen, Barry
Gupta, Poonam
author_sort Eichengreen, Barry
title Managing Sudden Stops
title_short Managing Sudden Stops
title_full Managing Sudden Stops
title_fullStr Managing Sudden Stops
title_full_unstemmed Managing Sudden Stops
title_sort managing sudden stops
publisher World Bank, Washington, DC
publishDate 2016-04
url http://documents.worldbank.org/curated/en/2016/04/26219966/managing-sudden-stops
https://hdl.handle.net/10986/24213
work_keys_str_mv AT eichengreenbarry managingsuddenstops
AT guptapoonam managingsuddenstops
_version_ 1807155164199518208