Hale, Galina; Arteta, Carlos - Federal Reserve Bank of San Francisco - 2007
driven by a credit crunch; indeed, Calvo, Izquierdo, and Talvi (2006)
show that the recovery from financial crises tends to …”
financial crises.
For most of the paper, we do not distinguish between devaluations, collapses of fixed exchange
rate regimes … countries can be adversely affected, especially in
the aftermath of financial crises. We use the variable that is equal to one …