Please use this identifier to cite or link to this item: https://hdl.handle.net/10419/64056 
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dc.contributor.authorHutchison, Michael M.en
dc.contributor.authorNoy, Ilanen
dc.contributor.authorWang, Lidanen
dc.date.accessioned2009-07-13-
dc.date.accessioned2012-09-21T11:54:38Z-
dc.date.available2012-09-21T11:54:38Z-
dc.date.issued2007-
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
dc.language.isoengen
dc.publisher|aUniversity of California, Santa Cruz Institute for International Economics (SCIIE) |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x07-10en
dc.subject.jelE52en
dc.subject.jelE62en
dc.subject.jelF32en
dc.subject.jelF43en
dc.subject.jelO16en
dc.subject.ddc330en
dc.subject.keywordoutput lossesen
dc.subject.keywordfinancial crisesen
dc.subject.keywordsudden stopsen
dc.subject.keywordfiscal policyen
dc.subject.keywordfinancial policyen
dc.subject.stwFinanzpolitiken
dc.subject.stwGeldpolitiken
dc.subject.stwFinanzmarktkriseen
dc.subject.stwKapitalimporten
dc.subject.stwWirtschaftswachstumen
dc.subject.stwGesamtwirtschaftliche Produktionen
dc.subject.stwEntwicklungsländeren
dc.subject.stwSchwellenländeren
dc.titleFiscal and monetary policies and the cost of sudden stops-
dc.typeWorking Paperen
dc.identifier.ppn604593619en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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