Sudden Stops and Financial Frictions : Evidence from Industry Level Data

The nature of the microeconomic frictions that transform sudden stops in output collapses is not only of academic interest, but also crucial for the correct design of policy responses to prevent and address these episodes and the lack of evidence o...

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Bibliographic Details
Main Authors:	Cowan, Kevin, Raddatz, Claudio
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ABSOLUTE VALUE ACCESS TO FINANCE ACCESS TO INTERNATIONAL FINANCIAL MARKETS ASSET MARKETS ASSET PRICES ASSETS BALANCE SHEET BALANCE-SHEET BANKING SECTOR BILL BORROWING CAPACITY BUSINESS CYCLE BUSINESS CYCLES CAPITAL ACCOUNT CAPITAL CONTROLS CAPITAL FLIGHTS CAPITAL FLOW CAPITAL FLOWS CAPITAL FLOWS REVERSALS CAPITAL INFLOWS CAPITAL INTENSITY CAPITAL INVESTMENT CAPITAL NEEDS CAPITALIZATION CAR LOANS CENTRAL BANK CLOSED ECONOMY COLLATERAL COMPARATIVE ADVANTAGE COMPARATIVE ADVANTAGES CONSUMER DURABLES CORPORATE INVESTMENT COST OF FUNDS CREDIT CONSTRAINTS CREDIT CRUNCH CREDIT MARKET CRISES IN EMERGING MARKETS CURRENCY CURRENCY CRISES CURRENT ACCOUNT DEBT CAPACITY DEBT CRISIS DEBT REPAYMENT DEFLATION DEPENDENT VARIABLE DEPRECIATIONS DETERMINANTS OF FLUCTUATIONS DEVELOPING COUNTRIES DEVELOPMENT BANK DEVELOPMENT ECONOMICS DEVELOPMENT POLICY DIVERSIFICATION DOMESTIC DEMAND DUMMY VARIABLE DURABLE DURABLE GOODS ECONOMIC ACTIVITY ECONOMIC RESEARCH ECONOMIC THEORY EMERGING ECONOMIES EMERGING MARKET EMERGING MARKET COUNTRY EMERGING MARKETS EQUALITY EQUIPMENT EXCHANGE RATE EXCHANGE RATE REGIME EXPENDITURE EXPENDITURES EXPORT GOODS EXPORTS EXTERNAL FINANCE EXTERNAL FINANCING EXTERNAL SHOCK FINANCIAL ACCOUNT FINANCIAL CONSTRAINT FINANCIAL CONSTRAINTS FINANCIAL CRISES FINANCIAL CRISIS FINANCIAL DEVELOPMENT FINANCIAL FACTORS FINANCIAL FLOWS FINANCIAL INTEGRATION FINANCIAL MARKET FINANCIAL MARKETS FINANCIAL NEEDS FINANCIAL STUDIES FINANCIAL SUPPORT FINANCIAL SYSTEM FINANCING NEEDS FISCAL POLICIES FIXED EFFECT FIXED EFFECTS FOREIGN EXCHANGE FOREIGN EXCHANGE RESERVES FUTURE RESEARCH GDP GLOBAL FINANCIAL MARKETS GLOBALIZATION GROWTH RATE GROWTH RATES HIGH INTEREST RATES HUMAN CAPITAL IMBALANCES INDUSTRIAL COUNTRIES INFLATION INFLATION TARGETING INITIAL DEBT INSURANCE INTEREST RATE INTEREST RATE EFFECTS INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BORROWING INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL FLOWS INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL ECONOMICS INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL MONEY INTERNATIONAL RESERVES LABOR MARKET LABOR MARKETS LACK OF ACCESS LEVERAGE LIBERALIZATION LIQUIDITY LIQUIDITY CRUNCH LOCAL CURRENCY LOOSE MONETARY POLICY MACROECONOMIC PERFORMANCE MACROECONOMICS MANUFACTURING INDUSTRIES MARKET ACCESS MARKET MECHANISM MICRO DATA MONETARY ECONOMICS MONETARY FUND MONETARY POLICY NET EXPORTS OPEN ECONOMIES OPEN ECONOMY OUTPUT OUTPUT COLLAPSES OUTPUT DECLINE OUTPUT DECLINES POLICY RESPONSES POLITICAL ECONOMY PRICE CHANGES PRICE VOLATILITY PRIVATE CAPITAL PRIVATE CAPITAL FLOWS PROPERTY RIGHTS RANDOM VARIABLE REAL EXCHANGE RATE REAL GDP RECESSION RECESSIONS RELATIVE PRICE RELATIVE PRICES REMITTANCES RESERVE RESERVE ACCUMULATION RESERVES RESPONSE TO SHOCKS SOCIAL COST SPECULATIVE ATTACK STANDARD DEVIATION STANDARD DEVIATIONS STOCK MARKET STOCK MARKET CAPITALIZATION STOCK RETURNS TEQUILA CRISIS TEST OF EQUALITY TRADABLE GOODS TRADE SURPLUS TRADING TRADING COSTS TROUGH TURNOVER UNDERDEVELOPED COUNTRIES UNEMPLOYMENT VALUE ADDED WEALTH WEALTH EFFECT WEALTH EFFECTS WEIGHTS WORKING CAPITAL WORLD DEVELOPMENT INDICATORS
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110322080205 http://hdl.handle.net/10986/3371

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http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110322080205
http://hdl.handle.net/10986/3371

Sudden Stops and Financial Frictions : Evidence from Industry Level Data

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