Sequencing of reforms, financial globalization, and macroeconomic vulnerability

Journal of the Japanese and International Economies

Volumn 23, Issue 2, 2009, Pages 131-148

  Edwards, Sebastian ^a,b  

^a UNIVERSITY OF CALIFORNIA   (United States)

^b NATIONAL BUREAU OF ECONOMIC RESEARCH   (United States)

Author keywords

Capital mobility; Contagion; Crises; Current account deficits; External imbalances; Financial openness; Sequencing of reform; Sudden stops

Indexed keywords

EID: 67349285690     PISSN: 08891583     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jjie.2008.09.004     Document Type: Article

References (36)

1. Aizenman, J., Noy, I., 2004. On the two way feedback between financial and trade openness. NBER Working Paper No. 10496
2. Amemiya T. The estimation of a simultaneous equation generalized probit model. Econometrica 46 5 (1978) 1193-1205
3. Calvo, G.A., Izquierdo, A., Mejia, L.F., 2004. On the empirics of sudden stops: The relevance of balance-sheet effects. NBER Working Paper No. 10520
4. Chinn, M., Ito, H., 2006. Capital account liberalization, institutions, and financial development: Cross country evidence. NBER Working Paper 8967
5. Edison H.J., and Warnock F.E. A simple measure of the intensity of capital controls. J. Empirical Finance 10 1-2 (2003) 81-103
6. Edwards, S., 1984. The order of liberalization of the external sector in developing countries. In: Princeton Essays in International Finance No. 156, New Jersey, International Finance Section, Princeton University, December
7. Edwards S. The sequencing of economic reform: Analytical issues and lessons from Latin American experiences. The World Economy 13 1 (1990) 1-14
8. Edwards S. Openness, productivity and growth: What do we really know?. Econ. J. 108 447 (1998) 383-398
9. Edwards S. Does the current account matter?. In: Edwards S., and Frankel J.A. (Eds). Preventing Currency Crises in Emerging Markets (2002), The University of Chicago Press 21-69
10. Edwards S. Thirty years of current account imbalances, current account reversals and sudden stops. IMF Staff Pap. (Special Issue) 51 (2004) 1-49
11. Edwards S. Financial openness, sudden stops and current account reversals. Amer. Econ. Rev. 94 2 (2004) 59-64
12. Edwards S. Capital controls, capital flow contractions, and macroeconomic vulnerability. J. Int. Money Finance 26 5 (2007) 814-840
13. Edwards S. Crises and growth: A Latin America perspective. J. Iberian Latin Amer. Econ. History XXIV 1 (2007)
14. Eichengreen B. Capital account liberalization: What do cross country studies tell us?. World Bank Econ. Rev. 15 3 (2001) 341-365
15. Eichengreen B., Hausmann R., and Panizza U. The mystery of original sin. In: Eichengreen B., and Hausmann R. (Eds). Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies (2005), University of Chicago Press, Chicago
16. Eichengreen, B., Gupta, P., Mody. A., 2006. Sudden stops and IMF-supported programs. NBER Working Paper No. 12235
17. Frankel, J.A., Cavallo, E.A., 2004. Does openness to trade make countries more vulnerable to sudden stops, or less? Using gravity to establish causality. NBER Working Paper No. 10957
18. Frankel J.A., and Rose A.K. Currency crashes in emerging markets: An empirical treatment. J. Int. Econ. 41 3&4 (1996) 351-366
19. Funke M. Timing and sequencing of reforms: Competing views and the role of credibility. Kyklos 46 3 (1993) 337-362
20. Glick R., and Hutchison M. Capital controls and the exchange rate instability in developing countries. J. Int. Money Finance 24 3 (2005) 387-412
21. Guitián M. Capital account liberalization: Bringing policy in line with reality. In: Edwards S. (Ed). Capital Controls, Exchange Rates, and Monetary Policy in the World Economy (1995), Cambridge University Press, New York 71-92
22. Gwartney J., and Lawson R. Economic Freedom of the World 2007 (2007), The Fraser Institute
23. Johnston, R.B., Tamirisa, N.T., 1998. Why do countries use capital controls. IMF Working Paper 98/181
24. Klaus, V., 1990. A perspective on economic transition in Czechoslovakia and Eastern Europe. In: Proceedings of the World Bank Annual Conference on Development Economics, pp. 13-18
25. Lane P.R., and Milesi-Ferretti G.M. The external wealth of nations mark II: Revised and extended estimates of foreign assets and liabilities, 1970-2004. J. Int. Econ. 73 2 (2007) 223-250
26. Levy Yeyati E. Financial dollarization: Evaluating the consequences. Econ. Policy 21 45 (2006) 61-118
27. Levy Yeyati E., and Sturzenegger F. Classifying exchange rate regimes: Deeds vs. words. Europ. Econ. Rev. 49 6 (2005) 1603-1635
28. Mckinnon R.I. Money and Capital in Economic Development (1973), The Brookings Institution, Washington, DC
29. Milesi-Ferretti G.M., and Razin A. Current account reversals and currency crises: Empirical regularities. In: Krugman P. (Ed). Currency Crises (2000), The University of Chicago Press 285-323
30. Miniane J. A new set of measurements on capital controls. IMF Staff Pap. 51 2 (2004) 276-308
31. Park Y.C., and Park W.M. Capital movements, real asset speculation, and macroeconomic adjustment in Korea. In: Edwards S. (Ed). Capital Controls, Exchange Rate, and Monetary Policy in the Open Economy (1995), Cambridge University Press
32. Rodrik D. Goodbye Washington Consensus, Hello Washington Confusion? A review of the World Bank's Economic Growth in the 1990s: Learning from a decade of reform. J. Econ. Lit. XLIV 4 (2006) 973-987
33. Smith A. An inquiry into the nature and causes of the wealth of nations. In: Cannan E. (Ed) (1976), University of Chicago Press, Chicago, IL
34. Stiglitz J.E. Globalization and Its Discontents (2002), W.W. Norton, New York
35. Weil D.N. Economic Growth (2005), Addison-Wesley
36. In: Williamson J. (Ed). Latin American Adjustment: How Much has Happened? (1990), Institute for International Economics, Washington, DC