Hidden Bibliographic Details
| Other authors / contributors: | Valdés, Rodrigo O. (Rodrigo Osvaldo)
International Monetary Fund. Research Department.
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| ISBN: | 1451896999
9781451896992
1281600377
9781281600370
1462351980
9781462351985
1452769427
9781452769424
9786613781062
6613781061
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| Notes: | Includes bibliographical references (pages 31-32).
Restrictions unspecified
Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010.
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212
English.
digitized 2010 HathiTrust Digital Library committed to preserve
Print version record.
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| Summary: | Annotation 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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| Other form: | Print version: Goldfajn, Ilan. Capital flows and the twin crises. [Washington, D.C.] : International Monetary Fund, Research Dept., ©1997
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| Standard no.: | 10.5089/9781451896992.001
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