Capital controls and exchange rate instability in developing economies
Reuven Glick, Michael M. Hutchison, Federal Reserve Bank of San Francisco. Center for Pacific Basin Monetary and Economic Studies
Center for Pacific Basin Monetary and Economic Studies, Economic Research Dept., Federal Reserve Bank of San Francisco, 2000 - Business & Economics - 28 pages
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balance of payments banking crisis Bartolini and Drazen benchmark model bivariate probit equations capital account controls capital account restrictions capital restrictions changes in government conditional frequencies contagion contemporaneous country-year credit growth crises and capital crises correctly called crisis episode currency attack currency crises currency instability currency pressure current account cut-off determinants of currency developing countries developing economies EAER economic Edwards effect of capital Eichengreen exchange rate pressure explanatory variables export proceeds frequency of currency Grilli and Milesi-Ferretti growth t-1 international capital flows international payments Jeffrey Frankel Kaminsky and Reinhart lagged capital controls Lagrange multiplier likelihood log ratio macroeconomic macroeconomic variables maintain a system Michael Hutchison Milesi-Ferretti 1995 multivariate probit observations overvaluation percent level period point estimate political freedom presence of capital probit model Ramon Moreno real exchange rate restrictions on capital restrictions on international sensitivity tests speculative attacks surrender or repatriate Table 4b U.S. real Wald test