Aftermaths of current account crisis: export growth or import contraction?

This paper defines current account crises as current account adjustments that occur in the aftermath of a sizable reduction in capital flows. We study the characteristics of such current account adjustments, particularly whether they are executed through export growth or import contraction. We find...

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Detalles Bibliográficos
Autores principales: Sturzenegger, Federico, Guidotti, Pablo, Villar, Agustín
Formato: Documento de trabajo acceptedVersion
Publicado: Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF) 2017
Materias:
Mercado monetario
Acceso en línea:http://repositorio.utdt.edu/handle/utdt/6265
Aporte de:
Repositorio Digital Universidad Torcuato Di Tella de Universidad Torcuato Di Tella
id I57-R16320.500.13098-6265
record_format dspace
institution Universidad Torcuato Di Tella
institution_str I-57
repository_str R-163
collection Repositorio Digital Universidad Torcuato Di Tella
topic Mercado monetario
spellingShingle Mercado monetario
Sturzenegger, Federico
Guidotti, Pablo
Villar, Agustín
Aftermaths of current account crisis: export growth or import contraction?
description This paper defines current account crises as current account adjustments that occur in the aftermath of a sizable reduction in capital flows. We study the characteristics of such current account adjustments, particularly whether they are executed through export growth or import contraction. We find significant differences between Asia and Latin America, with Asian countries adjusting through export growth and Latin America through import contraction. When looking at the fundamentals that explain such dissimilar behavior, we conclude that these differences are attributable to differences in the degree of openness and financial dollarization with the size of the financial sector being irrelevant. We argue that the analysis allows the conclusion that “pesified” financial sectors that insulate the domestic financial sector from exchange rate movements are better suited to deal with unstable international financial markets.
format Documento de trabajo
acceptedVersion
author Sturzenegger, Federico
Guidotti, Pablo
Villar, Agustín
author_facet Sturzenegger, Federico
Guidotti, Pablo
Villar, Agustín
author_sort Sturzenegger, Federico
title Aftermaths of current account crisis: export growth or import contraction?
title_short Aftermaths of current account crisis: export growth or import contraction?
title_full Aftermaths of current account crisis: export growth or import contraction?
title_fullStr Aftermaths of current account crisis: export growth or import contraction?
title_full_unstemmed Aftermaths of current account crisis: export growth or import contraction?
title_sort aftermaths of current account crisis: export growth or import contraction?
publisher Universidad Torcuato Di Tella. Escuela de Negocios. Centro de Investigaciones en Finanzas (CIF)
publishDate 2017
url http://repositorio.utdt.edu/handle/utdt/6265
work_keys_str_mv AT sturzeneggerfederico aftermathsofcurrentaccountcrisisexportgrowthorimportcontraction
AT guidottipablo aftermathsofcurrentaccountcrisisexportgrowthorimportcontraction
AT villaragustin aftermathsofcurrentaccountcrisisexportgrowthorimportcontraction
bdutipo_str Repositorios
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