Empirical models of short-term debt and crises: Do they test the creditor run hypothesis?

European Economic Review

Volumn 48, Issue 2, 2004, Pages 379-389

  Detragiache, Enrica ^a   Spilimbergo, Antonio ^a  

^a INTERNATIONAL MONETARY FUND   (United States)

Author keywords

Creditor runs; Debt crises; Default

Indexed keywords

DEBT; ECONOMIC THEORY; FINANCIAL CRISIS; MODELING;

EID: 1542435444     PISSN: 00142921     EISSN: None     Source Type: Journal    
DOI: 10.1016/S0014-2921(02)00317-3     Document Type: Article

References (29)

1. Berg A. Pattillo C. Are currency crises predictable? IMF Staff Papers 46 1999 107-138
2. Bulow J. Rogoff K. A constant recontracting model of sovereign debt Journal of Political Economy 97 1988 155-178
3. Bussiere, M., Mulder, C., 1999. External vulnerability in emerging markets economies: How high liquidity can offset weak fundamentals and the effects of contagion. Working Paper No. 99/88. IMF, Washington, DC.
4. Chang, R., Velasco, A., 1998. The Asian Liquidity Crisis. Working Paper No. 98-11, Federal Reserve Bank of Atlanta.
5. Cole H.L. Kehoe T.J. A self-fulfilling model of Mexico's 1994-1995 debt crisis Journal of International Economics 41 1996 309-330
6. Cole H.L. Kehoe T.J. Self-fulfilling debt crises Review of Economic Studies 67 2000 91-116
7. Corsetti, G., Pesenti, P., Roubini, N., 1998a. What caused the Asian currency and financial crises? Part I: The macroeconomic overview. Working Paper No. 6833. NBER, Cambridge, MA.
8. Corsetti, G., Pesenti, P., Roubini, N., 1998b. What caused the Asian currency and financial crises? Part II: The policy debate. Working Paper No. 6834. NBER, Cambridge, MA.
9. Detragiache, E., 1996. Rational liquidity crises in the sovereign debt market: In search of a theory. IMF Staff Papers, 43, 545-570.
10. Detragiache, E., Spilimbergo, A., 2001. Crises and liquidity, IMF, unpublished.
11. Diamond D.W. Rajan R.G. Banks, short-term debt and financial crises: Theory, policy implications and applications Carnegie-Rochester Conference series on Public Policy 54 2001 37-71
12. Eaton, J., Fernandez, R., 1995. Sovereign debt. In: Grossman, G.M., Rogoff, K. (Eds.), Handbook of International Economics, Vol. 3. Elsevier, Amsterdam.
13. Eichengreen, B., Mody, A., 1999. Lending booms, reserves, and the sustainability of short-term debt: Inference from the pricing of syndicated bank loans. Working Paper No. 7113. NBER, Cambridge, MA.
14. Feldstein, M., 1999. Self protection for emerging market economies. Working Paper No. 6907. NBER, Cambridge, MA.
15. Fischer S. On the need for an international lender of last resort Journal of Economic Perspectives 13 1999 85-104
16. Frankel J.A. Rose A.K. Currency crashes in emerging markets: An empirical treatment Journal of International Economics 41 1996 351-366
17. Greenspan, A., 1999. Currency reserves and debt. Remarks Offered at the World Bank Conference on Recent Trends in Reserve Management, April 29, Washington, DC.
18. Jeanne, O., 2001. Sovereign debt crises and the international financial architecture. Mimeo.
19. Milesi-Ferretti, G.M., Razin, A., 1998. Current account reversal and currency crises: Empirical regularities. Working Paper 98-89. IMF, Washington, DC.
20. Morris, S., Shin, H.S., 1999. Coordination risk and the price of debt. Discussion paper no. 1241, Cowles Foundation, Yale University, New Haven, CT.
21. Morris, S., Shin, H.S., 2001. Rethinking multiple equilibria in macroeconomics. NBER Macroeconomics Annual 2000, MIT Press, Cambridge, MA, pp. 139-161.
22. Radelet, S., Sachs, J.D., 1998. The East Asian financial crisis: Diagnosis, remedies, prospects, Brookings Papers on Economic Activity.
23. Rochet, J.-C., Vives, X., 2002. Coordination failures and the lender of last resort: Was Bagehot right after all? CEPR Working Paper 3233, CEPR, London.
24. Rodrik, D., 1998. Who Needs Capital Account Convertibility? In: Kenan P. (Ed.), Should the IMF pursue capital account convertibility? Princeton Essays in International Finance No. 207, Princeton, NJ.
25. Rodrik, D., Velasco, A., 2000. Short-Term Capital Flows. In: Pleskovic B., Stiglitz, J.E. (Eds.), Proceedings of the 1999 Annual Bank Conference on Development Economics. World Bank, Washington, DC.
26. Sachs, J.D., 1984. Theoretical issues in international borrowing. Princeton Essays in International Finance No. 54, Princeton, NJ.
27. Sachs, J.D., 1995. Do we need an international lender of last resort? Mimeo., Harvard University.
28. Sachs, J.D., Tornell, A., Velasco, A., 1996. Financial crises in emerging markets: The lessons from 1995. Brookings Papers on Economic Activity, Vol. 1, Brookings Institutions, pp. 147-215.
29. Vives X. External discipline and financial stability European Economic Review 46 2002 821-828