This paper studies the dynamics of external accounts during 278 economic recession events in the past 60 years and sheds light on key factors that shape these p

We provide a comprehensive empirical characterization of the linkages between key macroeconomic and financial variables around business and financial cycles for

The current account deficit of the United States is more than six percent of its gross domestic product—an all-time high. And the rest of the world, including

This paper studies large reductions in current account deficits and exchange rate depreciations in low- and middle-income countries. It examines which factors h

This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since ma