When Do Capital Inflow Surges End in Tears?
We investigate in a sample of 53 emerging markets over 1980-2014 whether countries with open capital accounts are necessarily at the mercy of global events, or are able to take policy actions when receiving inflows to mitigate the impact of a subsequent reversal. Our analysis suggests that, while ch...
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| Veröffentlicht in: | The American economic review 2016-05, Vol.106 (5), p.581-585 |
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| container_title | The American economic review |
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| creator | Ghosh, Atish R. Ostry, Jonathan D. Qureshi, Mahvash S. |
| description | We investigate in a sample of 53 emerging markets over 1980-2014 whether countries with open capital accounts are necessarily at the mercy of global events, or are able to take policy actions when receiving inflows to mitigate the impact of a subsequent reversal. Our analysis suggests that, while changes in global conditions have an important bearing on crisis susceptibility, countries that allow the buildup of macroeconomic and financial vulnerabilities during boom times, and which receive mostly debt flows, are significantly more likely to see capital inflow surge episodes end in a financial crisis. |
| doi_str_mv | 10.1257/aer.p20161015 |
| format | Article |
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| identifier | ISSN: 0002-8282 |
| ispartof | The American economic review, 2016-05, Vol.106 (5), p.581-585 |
| issn | 0002-8282 1944-7981 |
| language | eng |
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| source | EBSCOhost Business Source Complete; JSTOR Archive Collection A-Z Listing; Access via American Economic Association |
| subjects | Analysis Capital movement DO CAPITAL FLOWS NEED TO BE TAMED Economic crisis Economic theory Emerging markets GDP Gross Domestic Product Market economies Sovereign debt Studies |
| title | When Do Capital Inflow Surges End in Tears? |
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