Aizenman, Joshua; Lee, Jaewoo; Sushko, Vladyslav - In: Open Economies Review 23 (2012) 4, pp. 597-621
We study exchange market pressures (EMP) and using international reserves by emerging markets (EMs) during the 2000s. We find that financial considerations dominated trade factors. The impact of gross short-term external debt quintuples during the crisis. Capital outflows and deleveraging was...