Capital Flows and the Twin Crises

Released on by Mr.Ilan Goldfajn
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  • Capital Flows and the Twin Crises Book Detail

  • Author : Mr.Ilan Goldfajn
  • Release Date : 1997-07-01
  • Publisher : International Monetary Fund
  • Genre : Business & Economics
  • Pages : 33
  • ISBN 13 : 1451850980
  • File Size : 93,93 MB
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Capital Flows and the Twin Crises by Mr.Ilan Goldfajn PDF Summary

Book Description: This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries’ role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in capital flows: large inflows, crisis and abrupt outflows. The model highlights how adverse productivity and international interest rate shocks may trigger a sudden outflow of capital and an exchange collapse. The initial shock is magnified by the behavior of individual foreign investors linked through their deposits in the intermediaries. The expectation of an eventual exchange rate crisis links investors’ behavior even further.

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Capital Flows and the Twin Crises

Capital Flows and the Twin Crises

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This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. Th

Capital Flows and Crises

Capital Flows and Crises

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An analysis of the connections between capital flows and financial crises as well as between capital flows and economic growth.

Capital Flows and Financial Crises

Capital Flows and Financial Crises

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Capital flows to the developing economies have long displayed a boom-and-bust pattern. However, rarely has the cycle turned as abruptly as it did in the 1990s,