| Registro completo |
| Provedor de dados: |
AgEcon
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| País: |
United States
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| Título: |
Nominal Debt and the Dynamics of Currency Crises
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| Autores: |
Corsetti, Giancarlo
MacKowiak, Bartosz
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| Data: |
2006-01-30
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| Ano: |
2000
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| Palavras-chave: |
Currency crisis
Speculative attacks
Fiscal policy
Financial Economics
F31
F33
E58
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| Resumo: |
We study the interaction of fiscal and monetary policies during a currency crisis in an economy with government nominal liabilities. We show that the stock and maturity of these liabilities are key determinants of the magnitude, timing and predictability of a devaluation. Among notable features of our model, monetary authorities defend the currency parity conditional on the level of the interest rate, rather than on the stock of international reserves; budget deficits need not be high before a currency crisis; postdevaluation inflation may exhibit little persistence, and money demand need not fall after the crisis.
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| Tipo: |
Working or Discussion Paper
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| Idioma: |
Inglês
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| Identificador: |
19697
http://purl.umn.edu/28516
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| Editor: |
AgEcon Search
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| Relação: |
Yale University>Economic Growth Center>Center Discussion Papers
Center Discussion Paper No. 820
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| Formato: |
35
application/pdf
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