Financial crises in emerging market countries appear to be very costly: both output and a host of partial welfare indicators decline dramatically. The magnitude of these costs is puzzling both from an accounting perspective -- factor usage does not decline as much as output, resulting in large...

In this comment, we take a helicopter tour of the history of notions of "equality" and "justice" in sovereign debt restructuring in particular, and in the division of property more generally, and show that these concerns have existed for centuries, if not millennia. We argue that the issue at...

Output falls during emerging market financial crises are large. These declines are not explained by declines in the supply of factors of production, and are hence measured as declines in total factor productivity. Why does productivity decline during a crisis? This paper uses establishment level...