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首页> 外文期刊>Journal of Development Economics >Sudden stops, banking crises and investment collapses in emerging markets
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Sudden stops, banking crises and investment collapses in emerging markets

机译：新兴市场突然停止，银行危机和投资崩溃

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摘要

We evaluate whether financial openness leaves emerging market economies vulnerable to the adverse effects of capital reversals ("sudden stops") on domestic investment. We investigate this claim in a broad sample of emerging markets during the period 1976-2002. If the banking sector does not experience a systemic crisis, sudden stop events fail to have a significant impact on investment. Bank crises, on the other hand, have a significant negative effect on investment even in the absence of a contemporaneous sudden stop crisis. We also find that openness to capital flows worsens the adverse impact of banking crises on investment. Our results provide statistical support for the policy view that a strong banking sector which can withstand the negative fallout of capital flight is essential for countries that open their economies to international financial flows.
机译：我们评估金融开放程度是否使新兴市场经济体容易受到资本逆转（“突然停止”）对国内投资的不利影响。我们在1976-2002年期间的大量新兴市场样本中调查了这种说法。如果银行业没有发生系统性危机，那么突然停止事件将不会对投资产生重大影响。另一方面，即使没有同期的突然止损危机，银行危机也对投资产生重大的负面影响。我们还发现，对资本流动的开放加剧了银行危机对投资的不利影响。我们的结果为政策观点提供了统计支持，因为政策观点认为，强大的银行部门可以承受资本外逃的负面影响，对于向国际金融开放经济的国家至关重要。

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