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  • 1
    Online Resource
    Online Resource
    Sudden stops and financial frictions : Evidence from industry level data (2011)
    Washington, D.C : The World Bank
    Details
    Language: English
    Pages: Online-Ressource (50 p)
    Edition: 2011 World Bank eLibrary
    Parallel Title: Cowan, Kevin Sudden stops and financial frictions
    Abstract: The nature of the microeconomic frictions that transform sudden stops in output collapses is not only of academic interest, but also crucial for the correct design of policy responses to prevent and address these episodes and the lack of evidence on this regard is an important shortcoming. This paper uses industry-level data in a sample of 45 developed and emerging countries and a differences-in-differences methodology to provide evidence of the role of financial frictions for the consequences of sudden stops. The results show that, consistently with financial frictions being important, industries that are more dependent on external finance decline significantly more during a sudden stop, especially in less financially developed countries. The results are robust to controlling for other possible mechanisms, including labor market frictions. The paper also provides results on the role of comparative advantage during sudden stops and on the usefulness of various policy responses to attenuate the consequences of these shocks
    DOI: 10.1596/1813-9450-5605
    URL: Volltext  (Deutschlandweit zugänglich)
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  • 2
    Online Resource
    Online Resource
    Financial dollarization and central bank credibility (2003)
    Washington, D.C : World Bank
    Details
    Language: English
    Pages: Online-Ressource
    Edition: Online-Ausg. World Bank E-Library Archive Also available in print
    Series Statement: Policy research working paper 3082
    Parallel Title: Cowan, Kevin Financial dollarization and central bank credibility
    Keywords: Banks and banking, Central ; Currency question ; Dollar, American ; Dollarization ; International finance ; Banks and banking, Central ; Currency question ; Dollar, American ; Dollarization ; International finance
    Note: "June 12, 2003 , Includes bibliographical references , Title from title screen as viewed on June 13, 2003 , Also available in print.
    URL: Volltext  (Deutschlandweit zugänglich)
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