01963cas a2200265 a 4500 AALejournalIMF002678 230101c9999 xx r poo 0 0eng d 5.00 USD 9781451875522 1018-5941 BD-DhAAL BD-DhAAL Sahay, Ratna. Output Response to Currency Crises / Ratna Sahay, Deepak Mishra, Poonam Gupta. Washington, D.C. : International Monetary Fund, 2003. 1 online resource (37 pages) IMF Working Papers <strong>Off-Campus Access:</strong> No User ID or Password Required <strong>On-Campus Access:</strong> No User ID or Password Required Electronic access restricted to authorized BRAC University faculty, staff and students This paper analyzes the behavior of output during currency crises using a sample of 195 crisis episodes in 91 developing countries during 1970-98. It finds that more than two-fifths of the crises in the sample were expansionary, and that output contraction was greater in large and more developed economies than in small and less developed economies. Currency crises have not been any more contractionary in the 1990s than in the previous two decades. Countries that traded less with the rest of the world, that had a relatively open capital account, and where crises were preceded by large capital inflows were more likely to be associated with contraction during crises. The contraction was more pronounced if trade competitors devalued, oil prices rose during the crisis, and postcrisis period was marked by tight monetary policy and expansionary fiscal policy. Mode of access: Internet Gupta, Poonam. Mishra, Deepak. IMF Working Papers; Working Paper ; No. 2003/230 Full text available on IMF http://elibrary.imf.org/view/journals/001/2003/230/001.2003.issue-230-en.xml IMF e-Library