Alejandro Izquierdo

TL;DR: In this paper, the authors analyzed the empirical characteristics of sudden stops in capital flows and the relevance of balance-sheet effects in the likelihood of their occurrence, finding that large real exchange rate fluctuations accompanied by sudden stops are basically an emerging market phenomenon.

TL;DR: In this article, the authors analyzed the empirical characteristics of sudden stops in capital flows and the relevance of balance sheet effects in the likelihood of their materialization, finding that large real exchange rate fluctuations coming hand in hand with sudden stops are basically an emerging market (EM) phenomenon.

TL;DR: In this article, the authors analyzed the characteristics of systemic sudden stops (3S) in capital flows and the relevance of balance-sheet effects in the likelihood of their materialization using a sample of 110 developed and developing countries for the period 1990-2004.

TL;DR: In this paper, the authors propose an alternative explanation for the fall of Argentina's Convertibility Program based on the country's vulnerability to Sudden Stops in capital flows, which are typically accompanied by a substantial increase in the real exchange rate that wreaks havoc in countries that are heavily dollarized in their liabilities, turning otherwise sustainable fiscal and corporate sector positions into unsustainable ones.

TL;DR: In this paper, the authors report on two types of regularities that strike them as highly robust across EM crises: (a) Sudden Stops (of capital inflows) and (b) Phoenix Miracles).