When it rains, it pours: Procyclical capital flows and macroeconomic policies by Graciela L. Kaminsky, Carmen M. Reinhart and Carlos A. Végh published by NBER (5/2005). “Any expert on financial crises in emerging markets could cite ample anecdotal evidence to support the view that macroeconomic policies are highly procyclical, at least in moments of extreme duress…”
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