Sudden stops, output drops, and credit collapses /
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| Author / Creator: | Dagher, Jihad, author. |
|---|---|
| Imprint: | [Washington, D.C.] : International Monetary Fund, ©2010. |
| Description: | 1 online resource (34 pages) : color illustrations |
| Language: | English |
| Series: | IMF working paper ; WP/10/176 IMF working paper ; WP/10/176. |
| Subject: | |
| Format: | E-Resource Book |
| URL for this record: | http://pi.lib.uchicago.edu/1001/cat/bib/12498642 |
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| 100 | 1 | |a Dagher, Jihad, |e author. | |
| 245 | 1 | 0 | |a Sudden stops, output drops, and credit collapses / |c prepared by Jihad C. Dagher. |
| 260 | |a [Washington, D.C.] : |b International Monetary Fund, |c ©2010. | ||
| 300 | |a 1 online resource (34 pages) : |b color illustrations | ||
| 336 | |a text |b txt |2 rdacontent | ||
| 337 | |a computer |b c |2 rdamedia | ||
| 338 | |a online resource |b cr |2 rdacarrier | ||
| 490 | 1 | |a IMF working paper ; |v WP/10/176 | |
| 504 | |a Includes bibliographical references. | ||
| 588 | 0 | |a Print version record. | |
| 520 | 3 | |a This paper proposes a tractable Sudden Stop model to explain the main patterns in firm level data in a sample of Southeast Asian firms during the Asian crisis. The model, which features trend shocks and financial frictions, is able to generate the main patterns observed in the sample during and following the Asian crisis, including the ensuing credit-less recovery, which are also patterns broadly shared by most Sudden Stop episodes as documented in Calvo et al. (2006). The model also proposes a novel explanation as to why small firms experience steeper declines than their larger peers as documented in this paper. This size effect is generated under the assumption that small firms are growth firms, to which there is support in the data. Trend shocks when combined with financial frictions in this model also generate strong leverage effects in line with what is observed in the sample, and with other observations from the literature. | |
| 505 | 0 | |a Cover Page; Title Page; Copyright Page; Contents; I Introduction; II From Sudden Stops to output recoveries; A Macro Evidence; B Micro Evidence; III The Model; A The Case With No Idiosyncratic Shocks; B Heterogeneous Firms and The Size Effect; IV Concluding Remarks; V Appendix; A Solution; B Figures and Tables; 1 The ratio of credit to GDP; 2 MSCI market indices; 3 Real GDP and its growth rate; 4 Indices of firms' average sales, debt, investment and market value; 5 Comparing the performance of large and small firms; 6 The impact of the crisis on low leverage firms. | |
| 505 | 8 | |a 7 The benchmark parametrization8 The leverage effect; 9 The size effect; 10 Size and Tobin's Q; 11 Changing the degree of financial frictions; 1 Determinants of firms' performance during the crisis; 2 Average growth rates before and after the crisis; 3 Benchmark Calibration; 4 Calibration for the small and the large firms; 5 The "growth effect'; References; Footnotes. | |
| 546 | |a English. | ||
| 650 | 0 | |a Financial crises |x Econometric models. | |
| 650 | 0 | |a Production (Economic theory) |x Econometric models. | |
| 650 | 6 | |a Production |x Modèles économétriques. | |
| 650 | 7 | |a Financial crises |x Econometric models. |2 fast |0 (OCoLC)fst00924608 | |
| 650 | 7 | |a Production (Economic theory) |x Econometric models. |2 fast |0 (OCoLC)fst01078261 | |
| 655 | 4 | |a Electronic books. | |
| 710 | 2 | |a International Monetary Fund, |e issuing body. | |
| 710 | 2 | |a IMF Institute, |e issuing body. | |
| 776 | 0 | 8 | |i Print version: |a Dagher, Jihad. |t Sudden Stops, Output Drops, and Credit Collapses. |d Washington : International Monetary Fund, ©2010 |z 9781455201877 |
| 830 | 0 | |a IMF working paper ; |v WP/10/176. | |
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| 928 | |t Library of Congress classification |a HB3722.D34 2010eb |l Online |c UC-FullText |u http://elibrary.imf.org/view/journals/001/2010/176/001.2010.issue-176-en.xml |z INTERNATIONAL MONETARY FUND |g ebooks |i 12142722 | ||