{
  "title": "The Persistence of Capital Account Crises",
  "publication": "IMF Working Papers, May 1, 2009",
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  "summary": "This study contributes to the literature on capital account crises in two ways. First, our analysis of crisis episodes between 1994 and 2002 establishes a clear relationship between the persistence of crises, their complexity, and the intensity of movement of key macroeconomic variables.",
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    {
      "heading": "Summary and contributions",
      "content": "- The study analyzes crisis episodes between 1994 and 2002.\n- Two main contributions:\n  - Establishes a clear relationship between the persistence of crises, their complexity, and the intensity of movement of key macroeconomic variables.\n  - Provides a systematic examination of the determinants of crisis duration through econometric analysis.\n- Key high-level conclusion: initial conditions and the external environment play a key role in determining crisis persistence; the policy response also matters but cannot offset a record of poor past policies.\n- Policy implication emphasized: the results underscore the critical importance of crisis prevention efforts."
    },
    {
      "heading": "Empirical findings and econometric results (as described)",
      "content": "- Crisis persistence is positively associated with crisis complexity and the intensity of movements in key macroeconomic variables (relationship described qualitatively in the summary).\n- Determinants highlighted by the econometric analysis:\n  - Initial conditions.\n  - External environment.\n  - Policy response (secondary role; cannot fully offset poor past policies)."
    },
    {
      "heading": "Thematic subjects and keywords",
      "content": "- Subjects: Balance of payments; Capital account crisis; Exchange rate arrangements; External debt; Financial crises; Financial services; Foreign exchange; Real interest rates.\n- Keywords: A. crisis persistence; balance sheets; capital account crises; Capital account crisis; crisis; crisis complexity; crisis duration; crisis prevention effort; debt; exchange rate; Exchange rate arrangements; Global; IMF financing; persistence; Real interest rates; WP.\n\n---\n\n Content in this bundle\n\n- Wp09103\n  - Wp09103 (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Wp09103 (PDF){rel=\"external\" type=\"application/pdf\"}\n\n---\n\nSource: https://www.imf.org/en/publications/wp/issues/2016/12/31/the-persistence-of-capital-account-crises-22952"
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    "Authors: Mauro Mecagni, Ruben V Atoyan, David J Hofman",
    "Published: May 1, 2009",
    "Series: IMF Working Papers",
    "DOI: https://doi.org/10.5089/9781451872507.001",
    "The study analyzes crisis episodes between 1994 and 2002.",
    "Two main contributions:",
    "Key high-level conclusion: initial conditions and the external environment play a key role in determining crisis persistence; the policy response also matters but cannot offset a record of poor past policies.",
    "Policy implication emphasized: the results underscore the critical importance of crisis prevention efforts.",
    "Crisis persistence is positively associated with crisis complexity and the intensity of movements in key macroeconomic variables (relationship described qualitatively in the summary).",
    "Determinants highlighted by the econometric analysis:",
    "Subjects: Balance of payments; Capital account crisis; Exchange rate arrangements; External debt; Financial crises; Financial services; Foreign exchange; Real interest rates.",
    "Keywords: A. crisis persistence; balance sheets; capital account crises; Capital account crisis; crisis; crisis complexity; crisis duration; crisis prevention effort; debt; exchange rate; Exchange rate arrangements; Global; IMF financing; persistence; Real interest rates; WP.",
    "**Wp09103**"
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