TY  - JOUR
AU  - Kaminsky,Graciela L.
TI  - Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 14249
PY  - 2008
Y2  - August 2008
UR  - http://www.nber.org/papers/w14249
L1  - http://www.nber.org/papers/w14249.pdf
N1  - Author contact info:
Graciela L. Kaminsky
Department of Economics
George Washington University
Washington, DC  20052
Tel: 202/994-6686
Fax: 202/994-6147
E-Mail: graciela@gwu.edu
AB  - The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan.  In the aftermath of these crises, many emerging economies lost access to international capital markets.  Using data on international primary issuance, this paper studies the determinants of contagion and sudden stops following those crises.  The results indicate that contagion and sudden stops tend to occur in economies with financial fragility and current account problems.  They also show that high integration in international capital markets exposes countries to sudden stops even in the absence of domestic vulnerabilities.
ER  -