The structural determinants of external vulnerability

World Bank Economic Review

Volumn 21, Issue 3, 2007, Pages 359-387

  Loayza, Norman V ^a   Raddatz, Claudio ^a  

^a WORLD BANK   (United States)

Author keywords

[No Author keywords available]

Indexed keywords

EMPIRICAL ANALYSIS; GROSS DOMESTIC PRODUCT; MACROECONOMICS; STRUCTURAL ADJUSTMENT; TRADE FLOW; VECTOR AUTOREGRESSION; VULNERABILITY;

EID: 35848967248     PISSN: 02586770     EISSN: 1564698X     Source Type: Journal    
DOI: 10.1093/wber/lhm018     Document Type: Article

References (43)

1. Acemoglu, D., S. Johnson, J. Robinson, and Y. Thaicharoen. 2003. "Institutional Causes, Macroeconomic Symptoms, Volatility, Crises and Growth." Journal of Monetary Economics 50(1):49-123.
2. Ahmed, S. 2003. "Sources of Macroeconomic Fluctuations in Latin America and Implications for Choice of Exchange Rate Regime." Journal of Development Economics 72(1):181-202.
3. Arellano, C., and E.G. Mendoza. 2002. "Credit Frictions and 'Sudden Stops' in Small Open Economies: An Equilibrium Business Cycle Framework for Emerging Markets Crises." NBER Working Paper 8880. Cambridge, Mass.: National Bureau of Economic Research.
4. Beck, T., A. Demirg-Kunt, and R. Levine. 2000. "A New Database on Financial Development and Structure." World Bank Economic Review 14(3):597-605.
5. Bernanke, B., and M. Gertler. 1989. "Agency Costs, Net Worth, and Business Fluctuations." American Economic Review 79(1):14-31.
6. Botero, J., S. Djankov, R. La Porta, F. Lopez-de-Silanes, and A. Shleifer. 2004. "The Regulation of Labor." Quarterly Journal of Economics 119(4):1339-82.
7. Braun, M., and B. Larran. 2005. "Finance and the Business Cycle: International Inter-Industry Evidence." Journal of Finance 60(3):1097-128.
8. Broda, C. 2001. "Coping with Terms-of-Trade Shocks: Pegs versus Floats." American Economic Review 91(2):376-80.
9. Broda, C. 2004. "Terms-of-Trade and Exchange Rate Regimes in Developing Countries." Journal of International Economics 63(1):31-58.
10. Caballero, R.J., K. Cowan, E.M.R.A. Engel, and A. Micco. 2005. "Effective Labor Regulation and Microeconomic Flexibility." NBER Working Paper 10744. Cambridge, Mass.: National Bureau of Economic Research.
11. Caballero, R.J., and M.L Hammour. 1994. "The Cleansing Effect of Recessions." American Economic Review 84(5):1350-68.
12. Caballero, R.J., and M.L Hammour. 1996. "On the Timing and Efficiency of Creative Destruction." Quarterly Journal of Economics 111(3):805-52.
13. Caballero, R.J., and M.L Hammour. 1998. "The Macroeconomics of Specificity." Journal of Political Economy 106(4):724-67.
14. Caballero, R.J., and A. Krishnamurthy. 2001. "International and Domestic Collateral Constraints in a Model of Emerging Market Crises." Journal of Monetary Economics 48(3):513-48.
15. Chang, R., L. Kaltani, and N. Loayza. 2005. "Openness Can Be Good for Growth: The Role of Policy Complementarities." NBER Working Paper 11787. Cambridge, Mass.: National Bureau of Economic Research.
16. Chinn, M., and H. Ito. 2002. "Capital Account Liberalization, Institutions and Financial Development: Cross Country Evidence." NBER Working Paper 8697. Cambridge, Mass.: National Bureau of Economic Research.
17. Easterly, W., M. Kremer, L. Pritchett, and L. Summers. 1993. "Good Policy or Good Luck?: Country Growth Performance and Temporary Shocks." Journal of Monetary Economics 32(3):459-83.
18. Edwards, S. 2001. "Capital Mobility and Economic Performance: Are Emerging Economies Different?" NBER Working Paper 8076. Cambridge, Mass.: National Bureau of Economic Research.
19. Eslava, M., J. Haltiwanger, A. Kugler, and M. Kugler. 2005. "Factor Adjustments after Deregulation: Panel Evidence from Colombian Plants." NBER Working Paper 11656. Cambridge, Mass.: National Bureau of Economic Research.
20. Fats, A. 2002. "The Effects of Business Cycles on Growth." In N. Loayza and R. Soto eds., Economic Growth: Sources, Trends, and Cycles Santiago, Chile: Central Bank of Chile.
21. Gosh, A., A.M. Gulde, and H. Wolf. 2002. Exchange Rate Regimes: Choices and Consequences. Cambridge, Mass.: MIT Press.
22. Hall, A. 1990. "Testing for A Unit Root in Time Series with Pre-test Data-based Model Selection." Working Paper. North Carolina State University, Department of Economics, Raleigh.
23. Heston, Alan, Robert Summers, and Bettina Aten. 2002. "Penn World Table Version 6.1." Center for International Comparisons at the University of Pennsylvania, Philadelphia.
24. Hnatkovska, V., and N. Loayza. 2005. "Volatility and Growth." In Joshua Aizenmann, and Brian Pinto eds., Managing Volatility. Cambridge, UK: Cambridge University Press.
25. Hoffmaister, A., J. Roldos, and P. Wickham. 1998. "Macroeconomic Fluctuations in Sub-Saharan Africa." International Monetary Fund Staff Paper 45(1):132-60.
26. International Monetary Fund. Various issues. Annual Report on Exchange Arrangements and Exchange Restrictions. Washington, D.C.
27. Kiyotaki, N., and J. Moore. 1997. "Credit Cycles." Journal of Political Economy 211-48.
28. Kose, M., and R. Riezman. 2001. "Trade Shocks and Macroeconomic Fluctuations in Africa." Journal of Development Economics 65(1):55-80.
29. Kraay, A., and J Ventura. Forthcoming. "Comparative Advantage and the Cross-Section of Business Cycles." Journal of the European Economic Association.
30. Levin, A., Lin, Chien-Fu, and Chu, Chia-Shang, J. 2002. "Unit Root Tests in Panel Data: Asymptotic and Finite-Sample Properties." Journal of Econometrics 108(1):1-24.
31. Mendoza, E.G. 1995. "The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations." International Economic Review 36(1):101-37.
32. O'Driscoll, G., E. Feulner, and M.A. O'Grady. 2003. 2003 Index of Economic Freedom. Washington, D.C.: The Heritage Foundation and the Wall Street Journal.
33. Pakes, A., and Z. Griliches. 1984. "Estimating Distributed Lags in Short Panels with an Application to the Specification of Depreciation Patterns and Capital Stock Constructs." Review of Economic Studies 51(2):243-62.
34. Pedroni, P. 1999. "Critical Values for Cointegration Tests in Heterogeneous Panel with Multiple Regressors." Oxford Bulletin of Economics and Statistics 61(S1):653-70.
35. Pedroni, P. 2004. "Panel Cointegration: Asymptotic and Finite Sample Properties of Pooled Time Series with an Application to the PPP Hypothesis." Econometric Theory 20(3):597-635.
36. Pesaran, M., and R. Smith. 1995. "Estimating Long-run Relationships from Dynamic Heterogeneous Panels." Journal of Econometrics 68(1):79-113.
37. Raddatz, C. 2006. "Liquidity Needs and Vulnerability to Financial Underdevelopment." Journal of Financial Economics 80(2):677-722.
38. Raddatz, C. 2007. "Are external shocks responsible for the instability of output in low-income-countries?" Journal of Development Economics 84(1):155-87.
39. Ramey, G., and V. Ramey. 1995. "Cross-Country Evidence on the Link between Volatility and Growth." American Economic Review 85(5):1138-50.
40. Rodrik, D. 1999. "Where Did All the Growth Go? External Shocks, Social Conflict, and Growth Collapses." Journal of Economic Growth 4(4):385-412.
41. Uribe, M., and V. Yue. 2003. "Country Spreads and Emerging Countries: Who Drives Whom?" NBER Working Paper 10018. Cambridge, Mass.: National Bureau of Economic Research.
42. World Bank. 2003. Doing Business. Washington, D.C.: World Bank.
43. World Bank. 2005. "World Development Indicators Database." World Bank, Washington, D.C.