Sudden Stops : Are Global and Local Investors Alike?

The main goal of this paper is to characterize the determinants of sudden stops caused by domestic vis-a-vis foreign residents. Are the decisions of domestic investors to invest abroad or of foreign investors to cut off funds from the domestic econ...

Full description

Bibliographic Details
Main Authors:	Calderón, César, Kubota, Megumi
Format:	Policy Research Working Paper
Language:	English
Published:	2012
Subjects:	ADVANCED COUNTRIES BALANCE OF PAYMENTS BANK ASSETS BANK CREDIT BANK DEPOSIT BANK DEPOSITS BANK POLICY BANKING CRISES BANKING CRISIS BANKING SYSTEM BOND MARKET BOND MARKET CAPITALIZATION BOND MARKETS BONDS BUDGET SURPLUS BUSINESS CYCLES CAPITAL ACCOUNT CAPITAL ACCOUNT LIBERALIZATION CAPITAL CONTROLS CAPITAL FLIGHT CAPITAL FLOW CAPITAL FLOWS CAPITAL GROWTH CAPITAL INFLOWS CAPITAL MARKET CAPITAL MARKET REFORM CAPITAL MARKETS CAPITAL OUTFLOWS CAPITAL STOCK CENTRAL BANK COMMUNICATION TECHNOLOGY CONSUMER PRICE INDEX CORPORATE GOVERNANCE CREDIT CONSTRAINTS CREDIT GROWTH CURRENCY CURRENCY CRISES CURRENCY CRISIS CURRENCY MISMATCHES CURRENT ACCOUNT CURRENT ACCOUNT BALANCE CURRENT ACCOUNT DEFICITS CURRENT ACCOUNT SURPLUSES DATA AVAILABILITY DEBT DEBT BURDEN DEBT FINANCING DEBT FLOWS DEPOSIT DERIVATIVES DEVELOPING COUNTRIES DOMESTIC CREDIT DOMESTIC CURRENCY DOMESTIC ECONOMY DOMESTIC FINANCIAL MARKETS DOMESTIC INVESTORS ECONOMIC PERFORMANCE EMERGING MARKET EMERGING MARKET ECONOMIES EMERGING MARKETS EQUITY FLOWS EQUITY MARKETS EXCHANGE RATE REGIME EXCHANGE RATE REGIMES EXPORT BASE EXPOSURE EXTERNAL ASSETS EXTERNAL FINANCE EXTERNAL FINANCING FEDERAL RESERVE FEDERAL RESERVE BANK FINANCIAL DERIVATIVES FINANCIAL DEVELOPMENT FINANCIAL FLOWS FINANCIAL INFLOWS FINANCIAL INFRASTRUCTURE FINANCIAL INSTITUTION FINANCIAL INSTITUTIONS FINANCIAL INSTRUMENTS FINANCIAL OPENNESS FINANCIAL SECTOR FINANCIAL SECTOR INDICATORS FINANCIAL SECTORS FINANCIAL SERVICES FINANCIAL SHOCKS FINANCIAL SYSTEM FISCAL DEFICITS FISCAL POLICIES FISCAL POLICY FLEXIBLE EXCHANGE RATE FLOWS OF CAPITAL FOREIGN ASSETS FOREIGN BANK FOREIGN CAPITAL FOREIGN DIRECT INVESTMENT FOREIGN EQUITIES FOREIGN FINANCING FOREIGN INTEREST FOREIGN INVESTORS FOREIGN PORTFOLIO FOREIGN PORTFOLIO INVESTMENT GLOBAL CAPITAL GLOBAL CAPITAL FLOWS GLOBAL ECONOMY GLOBAL INVESTORS GLOBALIZATION GOVERNMENT BUDGET GOVERNMENT EXPENDITURE GROWTH RATE GROWTH RATES HIGH INFLATION INCOME INCOME LEVELS INDEBTED COUNTRIES INDUSTRIAL COUNTRIES INFLATION INFLATION RATE INFORMATION ASYMMETRIES INFRASTRUCTURE PROJECTS INSURANCE INTEREST RATE INTEREST RATES INTERNATIONAL BANK INTERNATIONAL BORROWING INTERNATIONAL CAPITAL INTERNATIONAL CAPITAL MARKETS INTERNATIONAL CREDIT INTERNATIONAL ECONOMICS INTERNATIONAL ECONOMIES INTERNATIONAL FINANCIAL INTEGRATION INTERNATIONAL FINANCIAL MARKETS INTERNATIONAL FINANCIAL STATISTICS INTERNATIONAL INVESTMENTS INTERNATIONAL MARKETS INTERNATIONAL RESERVES INVESTMENT CLIMATE INVESTMENT FLOWS LIABILITY LIQUID ASSETS LIQUIDITY LOCAL CAPITAL MARKETS LOCAL FINANCIAL MARKETS LOCAL INVESTORS MACROECONOMIC MISMANAGEMENT MACROECONOMIC PERFORMANCE MACROECONOMIC POLICIES MACROECONOMIC POLICY MACROECONOMIC STABILITY MACROECONOMIC VULNERABILITY MICRO DATA MIDDLE-INCOME COUNTRIES MONETARY FUND MONETARY POLICY MONETARY STABILITY MONEY MARKET MONEY MARKET RATE NATURAL RESOURCE NATURAL RESOURCES NET CAPITAL NET DEBT NON-PERFORMING LOANS OUTPUT POLICY RESPONSES PORTFOLIO PORTFOLIO INFLOWS PORTFOLIO INVESTMENT PORTFOLIOS POSITIVE COEFFICIENT PRICE STABILITY PRIVATE BOND PRIVATE CAPITAL PRIVATE CAPITAL INFLOWS PRIVATE CREDIT PRIVATE SECTOR FINANCE PUSH FACTORS RATE OF GROWTH REAL ECONOMIC ACTIVITY REAL EXCHANGE RATE REAL EXCHANGE RATES REAL INTEREST REAL INTEREST RATE REGULATORY CAPITAL REGULATORY FRAMEWORKS RESERVE RESERVE ACCUMULATION RESERVES RETURN RETURNS RISK AVERSION SAVINGS SECURITIES SMALL COUNTRIES STOCK MARKET STOCK MARKET CAPITALIZATION STOCKS T-BILLS TAX TAX SYSTEMS TRADE BALANCE TRADING TREASURY TREASURY BILLS VOLATILITY WORLD DEVELOPMENT INDICATORS WORLD INTEREST RATE WORLD MARKET
Online Access:	http://www-wds.worldbank.org/external/default/main?menuPK=64187510&pagePK=64193027&piPK=64187937&theSitePK=523679&menuPK=64187510&searchMenuPK=64187283&siteName=WDS&entityID=000158349_20110214154448 http://hdl.handle.net/10986/3336