Coastal Survey Maps: From Historical Documents to Digital Databases

This paper describes the spatial data handling procedures used to create a vector database of the Connecticut shoreline from Coastal Survey Maps. The appendix contains detailed information on how the procedures were implemented using Geographic Transformer Software 5 and ArcGIS 8.3. The project was a joint project of the Connecticut Department of Environmental Protection and the University of Connecticut Center for Geographic Information and Analysis.

Bankruptcy Costs, Liability Dollarization, and Vulnerability to Sudden Stops

Emerging market countries that have improved institutions and attained intermediate levels of institutional quality have experienced severe financial crises following capital flow reversals. However, there is also evidence that countries with strong institutions and deep capital markets are less affected by external shocks. We reconcile these two observations using a calibrated DSGE model that extends the financial accelerator framework developed in Bernanke, Gertler, and Gilchrist (1999). The model captures financial market institutional quality with creditors. ability to recover assets from bankrupt firms. Bankruptcy costs affect vulnerability to sudden stops directly but also indirectly by affecting the degree of liability dollarization. Simulations reveal an inverted U-shaped relationship between bankruptcy recovery rates and the output loss following sudden stops. We provide empirical evidence that this non-linear relationship exists.