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Authordc.contributor.authorAgosín Trumper, Manuel 
Authordc.contributor.authorHuaita, Franklin 
Cita de ítemdc.identifier.citationSeries Documentos de Trabajo, No. 268 Noviembre, 2007es_ES
Abstractdc.description.abstractThis paper develops a simple analytic framework to analyze the effects of capital surges and sudden stops in the financial account of the balance of payments in emerging economies. In this model, capital inflows are largely exogenous to the recipient economies, they are very large when scaled to the size of the domestic financial sectors of recipients, and have large real effects. They also sow the seeds for the ensuing sudden stops, or capital flow reversals, observed in recent financial crises in emerging markets. Sudden stops can have devastating effects on output, growth, and employment. The paper goes on to test the main hypothesis derived from the model with an econometric analysis of capital surges and sudden stops using a panelprobit framework with heterogeneous unobserved country effects. While capital surges can be triggered by a number of domestic or foreign signals, the main variables that account for sudden stops are preceding capital surges, the size of the current account deficit, and contagion from sudden stops in other emerging markets. The main policy conclusion is that emerging economies need specific policies to deal with capital surges, which are largely exogenous to them.es_ES
Publisherdc.publisherUniversidad de Chile, Facultad de Economía y Negocioses_ES
Type of licensedc.rightsAttribution-NonCommercial-NoDerivs 3.0 Chile*
Link to Licensedc.rights.uri*
Sourcedc.sourceSeries Documentos de Trabajoes_ES
Keywordsdc.subjectCapital Flowses_ES
Keywordsdc.subjectSudden Stopses_ES
Keywordsdc.subjectCapital Surgeses_ES
Keywordsdc.subjectFinancial Criseses_ES
Keywordsdc.subjectCurrent Account Balancees_ES
Títulodc.titleWhy Should Emerging-Market Countries (Still) Concern Themselves With Capital Inflows?es_ES
Document typedc.typeDocumento de trabajoes_ES

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Attribution-NonCommercial-NoDerivs 3.0 Chile
Except where otherwise noted, this item's license is described as Attribution-NonCommercial-NoDerivs 3.0 Chile