Capital Flows and the Twin Crises : The Role of Liquidity

The Role of Liquidity

Capital Flows and the Twin Crises : The Role of Liquidity
This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. These movements resemble the observed cycle in... READ MORE...

Publication date: July 1997
ISBN 9781451850987
$15.00

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