 The less-than-one relationship could be related to an effective use of international reserves to offset capital outflows during sudden stops, while during current account reversals, there are some countries that were not receiving large capital inflows, so their deficits were financed through a loss of international reserves.A comparison of the stylized facts observed during sudden stop episodes in emerging market economies and developed countries on the financial crises of the 1990s relate sudden stops in emerging market and advanced economies with the presence of contagion effects.Most sudden stop episodes for emerging markets occur around the Tequila (1994), East Asian (1997) and Russian (1998) crises.