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|c 5.00 USD
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|z 9781451841763
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|a 1018-5941
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|c BD-DhAAL
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|a Detragiache, Enrica.
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|a Crises and Liquidity :
|b Evidence and Interpretation /
|c Enrica Detragiache, Antonio Spilimbergo.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2001.
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|a 1 online resource (30 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a In a large panel of countries, we find that less liquid countries are more likely to default on their external debt. Specifically, for given total external debt, the probability of a crisis increases with the proportion of short-term debt and debt service coming due and decreases with foreign exchange reserves. This correlation, however, is consistent with a standard model of optimal default and need not be ascribed to self-fulfilling creditor runs. Also, the correlation with short-term debt appears to be driven by joint endogeneity. The policy implications are discussed.
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|a Mode of access: Internet
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|a Spilimbergo, Antonio.
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|a IMF Working Papers; Working Paper ;
|v No. 2001/002
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2001/002/001.2001.issue-002-en.xml
|z IMF e-Library
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