Capital Flows And The Twin Crises: The Role Of Liquidity
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| Originally published | July 1997 |
| Authors | Ilan Goldfajn |
| Rodrigo Valdés | |
| Date of Reg. | |
| Date of Upd. | |
| ID | 2180342 |
About Capital Flows And The Twin Crises: The Role Of Liquidity
This paper develops a model that focuses on the interaction of liquidity creation by financial intermediaries with capital flows and exchange rate collapses. The intermediaries' role of transforming maturities is shown to result in larger movements of capital and a higher probability of crisis. . . .