Capital flow reversals and currency crises: Do capital flow types matter?

被引：0
|
作者：
Zhang, Mengting [1 ,2 ,3 ]
Steiner, Andreas [4 ,5 ,6 ]
de Haan, Jakob [4 ,5 ]
Yang, Haizhen [3 ]
机构：
[1] China Minsheng Bank, Postdoctoral Res Stn, Dept Planning & Dev, Beijing, Peoples R China
[2] Renmin Univ China, Sch Finance & Finance, Postdoctoral Mobile Stn, Beijing, Peoples R China
[3] Univ Chinese Acad Sci, Sch Econ & Management, Beijing, Peoples R China
[4] Univ Groningen, Sch Global Econ & Management, Groningen, Netherlands
[5] CESifo, Munich, Germany
[6] Univ Appl Sci, RheinMain, Wiesbaden Business Sch, Wiesbaden, Germany
来源：
REVIEW OF INTERNATIONAL ECONOMICS | 2024年 / 32卷 / 04期
关键词：
capital flow reversals; currency crises; domestic financial factors; event study approach; logit models; EXCHANGE-RATE REGIMES; SUDDEN STOPS; FINANCIAL LIBERALIZATION; FLIGHT; WAVES; PRONE;
D O I：
10.1111/roie.12753
中图分类号：
F [经济];
学科分类号：
02 ;
摘要：
We analyze how reversals of several types of capital flows impact currency crises in emerging market and developing economies. Estimates of logit models show that reversals of (equity and debt) portfolio flows significantly increase the likelihood of currency crises in emerging market economies. In developing economies, reversals of portfolio debt flows and banking flows have a significant positive impact on currency crises. Finally, our results suggest that countries with mature financial systems and fixed exchange rate regimes are less likely to experience a currency crisis after a capital flow shock. The mediating role of capital account liberalization varies by country type.
引用
收藏
页码：1787 / 1823
页数：37
相关论文
共 50 条
12345