Does openness to trade make countries more vulnerable to sudden stops, or less?: using gravity to establish causality
"Openness to trade is one factor that has been identified as determining whether a country is prone to sudden stops in capital inflow, currency crashes, or severe recessions. Some believe that openness raises vulnerability to foreign shocks, while others believe that it makes adjustment to cris...
Gespeichert in:
| Hauptverfasser: | , |
|---|---|
| Format: | Buch |
| Sprache: | English |
| Veröffentlicht: |
Cambridge, Mass.
National Bureau of Economic Research
2004
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| Schriftenreihe: | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series
10957 |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | "Openness to trade is one factor that has been identified as determining whether a country is prone to sudden stops in capital inflow, currency crashes, or severe recessions. Some believe that openness raises vulnerability to foreign shocks, while others believe that it makes adjustment to crises less painful. Several authors have offered empirical evidence that having a large tradable sector reduces the contraction necessary to adjust to a given cut-off in funding. This would help explain lower vulnerability to crises in Asia than in Latin America. Such studies may, however, be subject to the problem that trade is endogenous. We use the gravity instrument for trade openness, which is constructed from geographical determinants of bilateral trade. We find that openness indeed makes countries less vulnerable, both to severe sudden stops and currency crashes, and that the relationship is even stronger when correcting for the endogeneity of trade"--National Bureau of Economic Research web site. |
| Beschreibung: | 48 S. graph. Darst. |
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| id | DE-604.BV019877787 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T20:08:12Z |
| institution | BVB |
| language | English |
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| series | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| series2 | National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series |
| spelling | Frankel, Jeffrey A. 1952- Verfasser (DE-588)124551858 aut Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality Jeffrey A. Frankel, Eduardo A. Cavallo Cambridge, Mass. National Bureau of Economic Research 2004 48 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10957 "Openness to trade is one factor that has been identified as determining whether a country is prone to sudden stops in capital inflow, currency crashes, or severe recessions. Some believe that openness raises vulnerability to foreign shocks, while others believe that it makes adjustment to crises less painful. Several authors have offered empirical evidence that having a large tradable sector reduces the contraction necessary to adjust to a given cut-off in funding. This would help explain lower vulnerability to crises in Asia than in Latin America. Such studies may, however, be subject to the problem that trade is endogenous. We use the gravity instrument for trade openness, which is constructed from geographical determinants of bilateral trade. We find that openness indeed makes countries less vulnerable, both to severe sudden stops and currency crashes, and that the relationship is even stronger when correcting for the endogeneity of trade"--National Bureau of Economic Research web site. Ökonometrisches Modell Financial crises Econometric models Free trade Cavallo, Eduardo A. Verfasser (DE-588)12971447X aut Erscheint auch als Online-Ausgabe National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series 10957 (DE-604)BV002801238 10957 http://papers.nber.org/papers/w10957.pdf kostenfrei Volltext |
| spellingShingle | Frankel, Jeffrey A. 1952- Cavallo, Eduardo A. Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality National Bureau of Economic Research <Cambridge, Mass.>: NBER working paper series Ökonometrisches Modell Financial crises Econometric models Free trade |
| title | Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality |
| title_auth | Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality |
| title_exact_search | Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality |
| title_full | Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality Jeffrey A. Frankel, Eduardo A. Cavallo |
| title_fullStr | Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality Jeffrey A. Frankel, Eduardo A. Cavallo |
| title_full_unstemmed | Does openness to trade make countries more vulnerable to sudden stops, or less? using gravity to establish causality Jeffrey A. Frankel, Eduardo A. Cavallo |
| title_short | Does openness to trade make countries more vulnerable to sudden stops, or less? |
| title_sort | does openness to trade make countries more vulnerable to sudden stops or less using gravity to establish causality |
| title_sub | using gravity to establish causality |
| topic | Ökonometrisches Modell Financial crises Econometric models Free trade |
| topic_facet | Ökonometrisches Modell Financial crises Econometric models Free trade |
| url | http://papers.nber.org/papers/w10957.pdf |
| volume_link | (DE-604)BV002801238 |
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