NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Macroeconomic Adjustment and the History of Crises in Open Economies

Joshua Aizenman, Ilan Noy

NBER Working Paper No. 18527
Issued in November 2012

---- Acknowledgements -----

We thank Amy Wood and Zack Dorner for excellent research assistance. We also thank audiences at Victoria University and the JIMF 30th Anniversary conference, Fordham University, NY, especially Harris Dellas, Michael King, Jim Lothian and Michael Melvin. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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