TY  - BOOK
AU  - Sahay,Ratna
AU  - Gupta,Poonam
AU  - Mishra,Deepak
AU  - Sahay,Ratna
TI  - Output Response to Currency Crises
T2  - IMF Working Papers; Working Paper
SN  - 1451875525 :
SN  - 1018-5941
PY  - 2003///
CY  - Washington, D.C.
PB  - International Monetary Fund
KW  - Crisis Episodes
KW  - imf
KW  - Currency Crisis
KW  - Debt Burden
KW  - Economic Growth of Open Economies
KW  - Open Economy Macroeconomics
KW  - Short-Term Debt
KW  - Central African Republic
KW  - Congo, Democratic Republic of the
KW  - Guinea
KW  - Iran, Islamic Republic of
KW  - Saint Vincent and the Grenadines
N2  - This paper analyzes the behavior of output during currency crises using a sample of 195 crisis episodes in 91 developing countries during 1970-98. It finds that more than two-fifths of the crises in the sample were expansionary, and that output contraction was greater in large and more developed economies than in small and less developed economies. Currency crises have not been any more contractionary in the 1990s than in the previous two decades. Countries that traded less with the rest of the world, that had a relatively open capital account, and where crises were preceded by large capital inflows were more likely to be associated with contraction during crises. The contraction was more pronounced if trade competitors devalued, oil prices rose during the crisis, and postcrisis period was marked by tight monetary policy and expansionary fiscal policy
UR  - http://elibrary.imf.org/view/IMF001/05070-9781451875522/05070-9781451875522/05070-9781451875522.xml
UR  - http://www.imfbookstore.org/IMFORG/9781451875522
ER  -