Crises and Liquidity: Evidence and Interpretation
In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the proportion of short-term debt and debt service coming due and decreases with foreign exchan...
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1. Verfasser: | |
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Format: | Elektronisch E-Book |
Sprache: | English |
Veröffentlicht: |
Washington, D.C
International Monetary Fund
2001
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Schriftenreihe: | IMF Working Papers
Working Paper No. 01/2 |
Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
Zusammenfassung: | In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the proportion of short-term debt and debt service coming due and decreases with foreign exchange reserves. This correlation, however, is consistent with a standard model of optimal default and need not be ascribed to self-fulfilling creditor runs. Also, the correlation with short-term debt appears to be driven by joint endogeneity. The policy implications are discussed |
Beschreibung: | 1 Online-Ressource (30 p) |
ISBN: | 1451841760 9781451841763 |
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spelling | Detragiache, Enrica Verfasser aut Crises and Liquidity Evidence and Interpretation Detragiache, Enrica Washington, D.C International Monetary Fund 2001 1 Online-Ressource (30 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 01/2 In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the proportion of short-term debt and debt service coming due and decreases with foreign exchange reserves. This correlation, however, is consistent with a standard model of optimal default and need not be ascribed to self-fulfilling creditor runs. Also, the correlation with short-term debt appears to be driven by joint endogeneity. The policy implications are discussed Online-Ausg Spilimbergo, Antonio Sonstige oth http://elibrary.imf.org/view/IMF001/01443-9781451841763/01443-9781451841763/01443-9781451841763.xml Verlag URL des Erstveröffentlichers Volltext |
spellingShingle | Detragiache, Enrica Crises and Liquidity Evidence and Interpretation |
title | Crises and Liquidity Evidence and Interpretation |
title_auth | Crises and Liquidity Evidence and Interpretation |
title_exact_search | Crises and Liquidity Evidence and Interpretation |
title_exact_search_txtP | Crises and Liquidity Evidence and Interpretation |
title_full | Crises and Liquidity Evidence and Interpretation Detragiache, Enrica |
title_fullStr | Crises and Liquidity Evidence and Interpretation Detragiache, Enrica |
title_full_unstemmed | Crises and Liquidity Evidence and Interpretation Detragiache, Enrica |
title_short | Crises and Liquidity |
title_sort | crises and liquidity evidence and interpretation |
title_sub | Evidence and Interpretation |
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