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Crises and Sudden Stops: Evidence from International Bond and Syndicated-Loan Markets
The crises in Mexico, Thailand, and Russia in the 1990s spread quite rapidly to countries as far apart as South Africa and Pakistan. In the aftermath of these crises, many emerging economies lost access to international capital markets. Using data on international primary issuance, this paper studies the determinants of contagion and sudden stops following those crises. The results indicate that contagion and sudden stops tend to occur in economies with financial fragility and current accountdoi:10.3386/w14249 fatcat:fx4kp42gyrebbajncw3ivsefea