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When Capital Inflows Come to a Sudden Stop: Consequences and Policy Options
In this paper we present evidence that capital account reversals have become more severe for emerging markets. Because policy options are limited in the midst of a capital market crisis and because so many countries have ...
Fear of Floating
In recent years, many countries have suffered severe financial crises, producing a staggering toll on their economies, particularly in emerging markets. One view blames fixed exchange rates-- “soft pegs”--for these ...