Learn More
*We thank participants at the UCSC workshop series on currency crises for helpful suggestions on an earlier version of this paper, especially Abstract Sudden Stops are the simultaneous occurrence of a currency/balance of payments crisis with a reversal in capital flows (Calvo, 1998). We investigate the output effects of financial crises in emerging markets,(More)
Documents published in the IDB working paper series are of the highest academic and editorial quality. All have been peer reviewed by recognized experts in their field and professionally edited. The information and opinions presented in these publications are entirely those of the author(s), and no endorsement by the Inter-American Development Bank, its(More)
*We thank Nan Geng, Gurnain Kaur Pasricha and Kulakarn Tantitemit for helpful research assistance and Inessa Love for providing us her STATA routines. 2 2 Abstract We examine the inflation targeting experiences of emerging market economies, focusing especially on the roles of the real exchange rate and the distinction between commodity and non-commodity(More)
Documents published in the IDB working paper series are of the highest academic and editorial quality. All have been peer reviewed by recognized experts in their field and professionally edited. The information and opinions presented in these publications are entirely those of the author(s), and no endorsement by the Inter-American Development Bank, its(More)
Recent research in both the social and natural sciences has been devoted to increasing our ability to predict disasters, prepare for them and mitigate their costs. Curiously, we appear to know very little about the fiscal consequences of disasters. The likely fiscal impact of a natural disaster has not been examined before in any comparable or comparative(More)
This article makes an initial assessment of the monetary damages caused by the 2010 earthquake in Haiti. Damages are estimated for a disaster with both 200,000 and 250,000 total dead and missing, using HaitiÕs economic and demographic data. The base estimate is US$8.1bn, but for several reasons this may be a lower-bound estimate. While the results are(More)
The sources of economic growth and development have been puzzling economists from the modern dawn of the profession. While the Solow-Swan neo-classical model dominated research on growth in the 1960s and 1970s, the 1980s saw the emergence of growth theories that disputed, largely on theoretical grounds, the Solow-Swan assumptions and conclusions. In this(More)
We investigate the intertemporal linkages between foreign direct investment and disaggregated measures of international trade. We outline a model exemplifying these linkages, describe methods for investigating two-way feedbacks between various categories of trade, and apply them to recent data. We find that the strongest feedback between the sub-accounts is(More)
A number of studies have recently noted that monetary integration in the European Monetary Union (EMU) has been accompanied by increased financial integration. This paper examines the channels through which monetary union increased financial integration, using international panel data on bilateral international commercial bank claims from 1998-2006. I(More)