Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - 2021
international reserves (IR) by emerging markets during the 2000s, as the Great Moderation turned to the 2008-9 global crisis and … window roll forward. Capital outflow (induced by global deleveraging) was the force behind the emerging markets EMP rise … during the global financial crisis, with the emerging markets' stock markets themselves only playing a secondary role. In …