Liquidity-Driven Growth Cycles in Small Open Economies
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https://www.nber.org/papers/w35035
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While standard sudden-stop models explain well the sharpness of financial crises, it remains challenging to account for the persistent growth stagnation that typically follows credit-driven capital account liberalizations in emerging markets. This paper presents a small open economy model with
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美国国家经济研究局创建时间：
2026-04-01
