Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets

29 Pages Posted: 18 Aug 2008 Last revised: 14 Jul 2009

See all articles by Graciela Kaminsky

Graciela Kaminsky

National Bureau of Economic Research (NBER); George Washington University - Department of Economics

Date Written: August 2008

Abstract

The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper studies the determinants of contagion and sudden stops following those crises. The results indicate that contagion and sudden stops tend to occur in economies with financial fragility and current account problems. They also show that high integration in international capital markets exposes countries to sudden stops even in the absence of domestic vulnerabilities.

Suggested Citation

Kaminsky, Graciela, Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets (August 2008). NBER Working Paper No. w14249. Available at SSRN: https://ssrn.com/abstract=1231697

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