Sudden stops and the Mexican wave: Currency crises, capital flow reversals and output loss in emerging markets

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International Reserves and Rollover Risk (2013, unknown): “We target an average accumulated income cost of a sudden stop of 14 percent of annual income, which is at the lower end of the range of estimated values (see Becker and Mauro, 2006; Hutchison and Noy, 2006; and Jeanne and Ranciere, 2011).”
The macroeconomic consequences of disasters (2009, background): “21 For a discussion of sudden capital inflow stops (financial crises), and their empirical importance in growth dynamics, see Hutchison and Noy (2006). the variables, with the exception of financial/capital-flows-stop crisis measure, are introduced with a one-year lag in order to capture the…”
The Optimal Level of International Reserves For Emerging Market Countries: A New Formula and Some Applications (2011, unknown): “Hutchison and Noy (2006) nd that the cumulative output loss in a sudden stop is around 13 to 15 percent of GDP over a three-year period.”