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dc.contributor.authorCalvo, Guillermo A.en
dc.contributor.authorIzquierdo, Alejandroen
dc.contributor.authorTalvi, Ernestoen
dc.date.accessioned2010-02-23-
dc.date.accessioned2011-11-18T11:48:37Z-
dc.date.available2011-11-18T11:48:37Z-
dc.date.issued2006-
dc.identifier.urihttp://hdl.handle.net/10419/51514-
dc.description.abstractUsing a sample of emerging markets that are integrated into global bond markets, we analyze the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call a Phoenix Miracle, where output 'rises from its ashes', suggesting that firms go through a process of financial engineering to restore liquidity outside formal credit markets. Moreover, we show that the U.S. Great Depression could be catalogued as a Phoenix Miracle. However, in contrast to the U.S. Great Depression, EM output collapses occur in a context of accelerating price inflation and falling real wages, casting doubt on price deflation and nominal wage rigidity as key elements in explaining output collapse, and suggesting that financial factors figure prominently in these collapses.en
dc.language.isoengen
dc.publisher|aInter-American Development Bank, Research Department |cWashington, DCen
dc.relation.ispartofseries|aWorking Paper |x570en
dc.subject.jelF31en
dc.subject.jelF32en
dc.subject.jelF34en
dc.subject.jelF41en
dc.subject.ddc330en
dc.subject.keywordOutput collapseen
dc.subject.keywordsystemic crisesen
dc.subject.keywordGreat Depressionen
dc.subject.keywordBalance of Payments crisisen
dc.subject.keywordSudden Stopen
dc.subject.keywordcapital flowsen
dc.subject.keywordPhoenix Miracleen
dc.subject.keywordcredit crunchen
dc.titlePhoenix miracles in emerging markets: Recovering without credit from systemic financial crises-
dc.typeWorking Paperen
dc.identifier.ppn585234442en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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