Crony capitalism and international creditors' self-fulfilling expectations are often suggested as rival explanations for currency crises. A possible link between the two has not been explored. The author shows one channel through which crony capitalism can increase the chance of a currency/financial crisis by altering the composition of capital inflows. Using data on bilateral foreign direct investment and bilateral bank loans, the author finds clear...
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ПОДРОБНАЯ ИНФОРМАЦИЯ
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2000/08/31
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Рабочий документ в рамках исследования вопросов политики
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WPS2429
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1
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1
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2010/07/01
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Corruption, composition of capital flows, and currency crises
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corruption
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