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The Duration of Capital Account Crises--An Empirical Analysis

The Duration of Capital Account Crises--An Empirical Analysis by David Hofman
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This paper examines the duration of capital account crises. We develop a new index to identify both the start and the end of these crises. Applying the index to a sample of 18 crisis episodes, we derive stylized facts on crisis duration and review the economic and financial circumstances that prevailed at the dusk of crises, a relatively unexplored area. We use the econometric technique of duration analysis to gauge the relative importance of various factors affecting the probability of exiting a crisis. We find that initial and external conditions are key determinants. But fiscal and monetary policies can also help shorten crisis duration.
International Monetary Fund; November 2007
42 pages; ISBN 9781452771298
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Title: The Duration of Capital Account Crises--An Empirical Analysis
Author: David Hofman; Ruben Atoyan; Dimitri Tzanninis; Mauro Mecagni
 
ISBNs
1451912749
9781451868210
9781451912746
9781452771298