Roubini, Nouriel; Cavallo, Michele; Kisselev, Kate - Society for Economic Dynamics - SED - 2004
Currency crises are usually associated with large real depreciations. In some countries real depreciations are … at episodes of currency crises in the '90s and establish that countries entering a crisis with high levels of foreign …) and large output contractions. We develop a model of currency crises that helps explain this evidence. The key element of …