Furceri, Davide; Guichard, Stéphanie; Rusticelli, Elena - Economics Department, Organisation de Coopération et … - 2011
This paper provides an empirical investigation of the relationship between surges in capital inflows and the probability of subsequent banking, currency and balance-of-payment crises. Using a panel of developed and emerging economies from 1970 to 2007, it is shown that a large capital inflow...