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Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops

dc.contributor.authorCalvo, Guillermo A.
dc.identifier.citationCalvo, Guillermo A. "Capital Flows and Capital-Market Crises: The Simple Economics of Sudden Stops" Journal of Applied Economics, Vol. 1, No. 1, November 1998, pp. 35-54en
dc.description.abstractThe paper studies mechanisms through which a sudden stop in international credit flows may bring about financial and balance of payments crises. It is shown that these crises can occur even though the current account deficit is fully financed by foreign direct investment. However, equity and long-term bond financing may shield the economy from sudden stop crises. The paper also examines possible factors that could trigger sudden stops, and argues that the greater independence that countries have, as compared to regions of a given country, could help to explain why sudden stop crises are more prevalent and destructive at international than at national levels.en
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dc.publisherJournal of Applied Economicsen
dc.subjectsudden stop crisesen
dc.subjectinternational crediten
dc.subjectbalance of payments crisesen
dc.subjectfinancial crisesen
dc.titleCapital Flows and Capital-Market Crises: The Simple Economics of Sudden Stopsen
dc.relation.isAvailableAtDigital Repository at the University of Marylanden_us
dc.relation.isAvailableAtEconomics Departmenten_us
dc.relation.isAvailableAtCollege of Behavioral and Social Sciencesen_us
dc.relation.isAvailableAtUniversity of Maryland (College Park, Md.)en_us

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