Catão, Luis; Milesi-Ferretti, Gian-Maria - International Monetary Fund (IMF) - 2013
We examine the determinants of external crises, focusing on the role of foreign liabilities and their composition … liabilities (NFL) to GDP is a significant crisis predictor, and the more so when it exceeds 50 percent in absolute terms and 20 … liabilities is weaker and net FDI liabilities seem if anything an offset factor. We also find that: i) breaking down net external …