Sudden Stops, Financial Crises and Leverage: A Fisherian Deflation of Tobin's Q
NBER Working Paper No. 14444
---- Acknowledgements -----
I am grateful to Guillermo Calvo, Dave Cook, Mick Devereux, Gita Gopinath, Tim Kehoe, Nobuhiro Kiyotaki, Narayana Kocherlakota, Juan Pablo Nicolini, Marcelo Oviedo, Helene Rey, Vincenzo Quadrini, Alvaro Riascos, Lars Svensson, Linda Tesar and Martin Uribe for helpful comments. I also acknowledge comments by participants at the 2006 Texas Monetary Conference, 2005 Meeting of the Society for Economic Dynamics, the Fall 2004 IFM Program Meeting of the NBER, and seminars at the ECB, BIS, Bank of Portugal, Cornell, Duke, Georgetown, IDB, IMF, Harvard, Hong Kong Institute for Monetary Research, Hong Kong University of Science and Technology, Johns Hopkins, Michigan, Oregon, Princeton, UCLA, USC, Western Ontario and Yale. Many thanks also to Guillermo Calvo, Alejandro Izquierdo, Rudy Loo-Kung and Ernesto Talvi for allowing me to use their classification of Sudden Stop events. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.