Aizenman, Joshua; Jinjarak, Yothin; Park, Donghyun - National Bureau of Economic Research (NBER) - 2013
-2009. Inflation, state fragility, external debt, and commodity terms of trade volatility were positively associated, while trade … state fragility in the pre-crisis period, external debt/GDP ratio and inflation in the crisis period, and inflation and … spreads before the crisis, and inflation during and after the crisis. The results imply that external factors were paramount …