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The Duration of Capital Account Crises—An Empirical Analysis

This paper examines the duration of capital account crises. We develop a new index to identify both the start and the end of these crises. Applying the index to a sample of 18 crisis episodes, we derive stylized facts on crisis duration and review the economic and financial circumstances that prevai...

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Bibliographic Details
Main Author: Hofman, David
Other Authors: Atoyan, Ruben, Tzanninis, Dimitri, Mecagni, Mauro
Format: eBook
Language:English
Published: Washington, D.C. International Monetary Fund 2007
Series:IMF Working Papers
Subjects:
Economic & Financial Crises & Disasters
Short-term Capital Movements
Financial Crises
Currency; Foreign Exchange
Current Account Adjustment
Balance Of Payments
Long-term Capital Movements
Exports And Imports
International Economics
Capital Flows
Foreign Exchange
Capital Account Crisis
Capital Outflows
Capital Movements
Exchange Rates
Financial Risk Management
International Investment
Turkey
Online Access:
Collection: International Monetary Fund - Collection details see MPG.ReNa
Description
Summary:This paper examines the duration of capital account crises. We develop a new index to identify both the start and the end of these crises. Applying the index to a sample of 18 crisis episodes, we derive stylized facts on crisis duration and review the economic and financial circumstances that prevailed at the dusk of crises, a relatively unexplored area. We use the econometric technique of duration analysis to gauge the relative importance of various factors affecting the probability of exiting a crisis. We find that initial and external conditions are key determinants. But fiscal and monetary policies can also help shorten crisis duration
Physical Description:42 pages
ISBN:9781451868210

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