不咬人的狗：新兴和发展中经济体在2019冠状病毒病期间的突然停滞

IF 4.6 2区经济学 Q1 BUSINESS, FINANCE

Emerging Markets Review Pub Date : 2025-02-16 DOI:10.1016/j.ememar.2025.101263

Eduardo A. Cavallo , Juan M. Hernández , María José González Jaramillo , Andrew Powell

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引用次数: 0

摘要

尽管资本流入最初出现逆转，但COVID-19大流行对新兴经济体和发展中经济体的净资本流动的影响相对较小。与以往危机不同的是，总资本流入抵消了居民流出，导致适度的经常账户调整。流动的国际市场、获得官方资源的机会以及一些国家良好的基本面使资本流入成为可能，从而防止了疫情期间大范围突然停止造成的额外成本。我们证明了一个简约的经验模型能够很好地区分，表明那些基本面较弱的国家遭受了净流动的突然停止。

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The dog that didn't bite: Sudden Stops in Emerging and Developing Economies during COVID-19

Despite an initial reversal of capital inflows, the COVID-19 pandemic resulted in relatively mild impacts on net capital flows to Emerging and Developing Economies. In contrast to previous crises, gross capital inflows offset residents' outflows, resulting in modest required current account adjustments. Liquid international markets, access to official resources and sound fundamentals in several countries allowed for capital inflows, preventing the additional costs of widespread Sudden Stops during the pandemic. We demonstrate that a parsimonious empirical model is able to discriminate quite well, to show that those countries with weaker fundamentals suffered Sudden Stops in net flows.

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来源期刊

Emerging Markets Review Multiple-

CiteScore

7.10

自引率

4.20%

发文量

审稿时长

100 days

期刊介绍： The intent of the editors is to consolidate Emerging Markets Review as the premier vehicle for publishing high impact empirical and theoretical studies in emerging markets finance. Preference will be given to comparative studies that take global and regional perspectives, detailed single country studies that address critical policy issues and have significant global and regional implications, and papers that address the interactions of national and international financial architecture. We especially welcome papers that take institutional as well as financial perspectives.