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dc.contributor.authorHutchison, Michael M.en_US
dc.contributor.authorNoy, Ilanen_US
dc.contributor.authorWang, Lidanen_US
dc.date.accessioned2009-07-13en_US
dc.date.accessioned2012-09-21T11:54:38Z-
dc.date.available2012-09-21T11:54:38Z-
dc.date.issued2007en_US
dc.identifier.urihttp://hdl.handle.net/10419/64056-
dc.description.abstractThis article investigates the effects of macroeconomic policy (monetary and fiscal) on output growth during financial crises characterized by a sudden stop” in net capital inflows in developing and emerging market economies. We investigate 83 sudden stop crises in 77 countries over 1982-2003 using a baseline empirical model to control for the various determinants of output losses during sudden stop crises. Extending the baseline model to account for policies - contractionary as well as expansionary - we measure the marginal effects of policy on output losses. Simple descriptive statistics indicate no apparent correlation between the costs of financial crises and the economic policies pursed at the time. Once controlling for various pre-conditions and other factors, however, we find that monetary and fiscal tightening at the time of a sudden stop crisis significantly worsens output losses.en_US
dc.language.isoengen_US
dc.publisherSanta Cruz Inst. for International Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, Santa Cruz Center for International Economics 07-10en_US
dc.subject.jelE52en_US
dc.subject.jelE62en_US
dc.subject.jelF32en_US
dc.subject.jelF43en_US
dc.subject.jelO16en_US
dc.subject.ddc330en_US
dc.subject.keywordoutput lossesen_US
dc.subject.keywordfinancial crisesen_US
dc.subject.keywordsudden stopsen_US
dc.subject.keywordfiscal policyen_US
dc.subject.keywordfinancial policyen_US
dc.subject.stwFinanzpolitiken_US
dc.subject.stwGeldpolitiken_US
dc.subject.stwFinanzmarktkriseen_US
dc.subject.stwKapitalimporten_US
dc.subject.stwWirtschaftswachstumen_US
dc.subject.stwGesamtwirtschaftliche Produktionen_US
dc.subject.stwEntwicklungsländeren_US
dc.subject.stwSchwellenländeren_US
dc.titleFiscal and monetary policies and the cost of sudden stopsen_US
dc.typeWorking Paperen_US
dc.identifier.ppn604593619en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Santa Cruz Institute for International Economics, UC Santa Cruz

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