The Resource Phoenix miracles in emerging markets : recovering without credit from systemic financial crises, by Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi, (electronic resource)

Phoenix miracles in emerging markets : recovering without credit from systemic financial crises, by Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi, (electronic resource)

Label
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises
Title
Phoenix miracles in emerging markets
Title remainder
recovering without credit from systemic financial crises
Statement of responsibility
by Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi
Creator
Contributor
Author
Subject
Language
eng
Summary
Using a sample of emerging markets that are integrated into global bond markets, we analyse the collapse and recovery phase of output collapses that coincide with systemic sudden stops, defined as periods of skyrocketing aggregate bond spreads and large capital flow reversals. Our findings indicate the presence of a very similar pattern across different episodes: output recovers with virtually no recovery in either domestic or foreign credit, a phenomenon that we call Phoenix Miracle, where output "rises from its ashes", suggesting that firms go through a process of financial engineering to restore liquidity outside the formal credit markets. Moreover, we show that the US Great Depression could be catalogued as a Phoenix Miracle. However, in contrast to the US Great Depression, EM output collapses occur in a context of accelerating price inflation and falling real wages, casting doubts on price deflation and nominal wage rigidity as key elements in explaining output collapse, and suggesting that financial factors are prominent for understanding these collapses
Member of
Cataloging source
IT-FiEUI
http://library.link/vocab/creatorName
Calvo, Guillermo A
Dewey number
332.015195
Illustrations
illustrations
Index
no index present
Literary form
non fiction
Nature of contents
  • dictionaries
  • bibliography
http://library.link/vocab/relatedWorkOrContributorName
  • Izquierdo L., Alejandro
  • Talvi, Ernesto
  • Bank for International Settlements
Series statement
BIS working papers
Series volume
221
http://library.link/vocab/subjectName
  • Financial crises
  • Depressions
Label
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises, by Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi, (electronic resource)
Link
http://www.bis.org/publ/work221.htm
Instantiates
Publication
Note
  • "Monetary and Economic Department."
  • "December 2006."
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb13863848
Dimensions
30 cm.
Extent
  • ix, 35 pages
  • 1 online resource.
Media category
computer
Media MARC source
rdamedia.
Media type code
c
Other physical details
illustrations
Specific material designation
remote
System control number
(OCoLC)891552865
Label
Phoenix miracles in emerging markets : recovering without credit from systemic financial crises, by Guillermo A. Calvo, Alejandro Izquierdo and Ernesto Talvi, (electronic resource)
Link
http://www.bis.org/publ/work221.htm
Publication
Note
  • "Monetary and Economic Department."
  • "December 2006."
Bibliography note
Includes bibliographical references
Carrier category
online resource
Carrier category code
cr
Carrier MARC source
rdacarrier.
Content category
text
Content type code
txt
Content type MARC source
rdacontent.
Control code
FIEb13863848
Dimensions
30 cm.
Extent
  • ix, 35 pages
  • 1 online resource.
Media category
computer
Media MARC source
rdamedia.
Media type code
c
Other physical details
illustrations
Specific material designation
remote
System control number
(OCoLC)891552865

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