Currency Crises And Monetary Policy In An Economy With Credit Constraints PDF Download
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Author | : Philippe Aghion |
Publisher | : |
Total Pages | : 60 |
Release | : 2000 |
Genre | : Credit control |
ISBN | : |
Download Currency Crises and Monetary Policy in an Economy with Credit Constraints Book in PDF, ePub and Kindle
Author | : Shakill Hassan |
Publisher | : |
Total Pages | : 13 |
Release | : 2006 |
Genre | : Credit control |
ISBN | : |
Download Currency Crises and Monetary Policy in an Economy with Credit Constraints Book in PDF, ePub and Kindle
"This paper revisits the currency crises model of Aghion, Bacchetta and Banerjeee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response to the threat of a currency crisis is restrictive. We demonstrate that this result is primarily due to the uncovered interest parity assumption. Assuming that the exchange rate is a martingale restores the case for expansionary reaction \2014 even with foreign-currency debt in firms\2019 balance sheets. The effect of lower interest rates on output can help restore the value of the currency due to increased money demand"--Publisher's website.
Author | : U. Michael Bergman |
Publisher | : |
Total Pages | : |
Release | : 2008 |
Genre | : |
ISBN | : |
Download Currency Crises and Monetary Policy in an Economy with Credit Constraints Book in PDF, ePub and Kindle
Author | : U. Michael Bergman |
Publisher | : |
Total Pages | : |
Release | : 2008 |
Genre | : |
ISBN | : |
Download EPRU Working Papers Book in PDF, ePub and Kindle
Author | : U. Michael Bergman |
Publisher | : |
Total Pages | : |
Release | : 2008 |
Genre | : |
ISBN | : |
Download EPRU Working Papers Book in PDF, ePub and Kindle
Author | : Philippe Aghion |
Publisher | : Oxford University Press, USA |
Total Pages | : 159 |
Release | : 2005-07-28 |
Genre | : Business & Economics |
ISBN | : 0199248613 |
Download Volatility and Growth Book in PDF, ePub and Kindle
An original work containing new theory and empirical analyses on the macropolicy of growth. Provides a new approach capable of generating relevant policy prescriptions. Written in an accessible style using simple models.
Author | : Mr.Robert P. Flood |
Publisher | : International Monetary Fund |
Total Pages | : 52 |
Release | : 1998-09-01 |
Genre | : Business & Economics |
ISBN | : 1451855168 |
Download Perspectiveson the Recent Currency Crisis Literature Book in PDF, ePub and Kindle
In the 1990s, currency crises in Europe, Mexico, and Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates and have prompted researchers to undertake new theoretical and empirical analysis of these events. This paper provides some perspective on this work and relates it to earlier research. It derives the optimal commitment to a fixed exchange rate and proposes a common framework for analyzing currency crises. This framework stresses the important role of speculators and recognizes that the government’s commitment to a fixed exchange rate is constrained by other policy goals. The final section finds that some crises may be particularly difficult to predict using currently popular methods.
Author | : Mr.Stijn Claessens |
Publisher | : International Monetary Fund |
Total Pages | : 66 |
Release | : 2013-01-30 |
Genre | : Business & Economics |
ISBN | : 1475561008 |
Download Financial Crises Explanations, Types, and Implications Book in PDF, ePub and Kindle
This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Author | : Percy L. Greaves |
Publisher | : Ludwig von Mises Institute |
Total Pages | : 336 |
Release | : 1973 |
Genre | : Economics |
ISBN | : 1610163125 |
Download Understanding the Dollar Crisis Book in PDF, ePub and Kindle
Author | : Michael P. Dooley |
Publisher | : University of Chicago Press |
Total Pages | : 456 |
Release | : 2007-11-01 |
Genre | : Business & Economics |
ISBN | : 0226155420 |
Download Managing Currency Crises in Emerging Markets Book in PDF, ePub and Kindle
The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.