Showing 1 - 10 of 18
Persistent link: https://www.econbiz.de/10001710963
Persistent link: https://www.econbiz.de/10014369831
Persistent link: https://www.econbiz.de/10009614192
Fiscal discipline is commonly evaluated on the basis of the debt-GDP ratio, which exhibits a stock variable measured relative to a flow variable. This way of monitoring debt solvency is arguably not consistent with transversality conditions obtained from optimizing macroeconomic frameworks. In...
Persistent link: https://www.econbiz.de/10015261194
This paper investigates currency and financial crises in an optimizing general equilibrium model. It is shown that a rise in current and expected future budget deficits generates a real exchange rate appreciation and a decumulation of external assets, leading up to a currency crisis when foreign...
Persistent link: https://www.econbiz.de/10005795464
This paper investigates currency and financial crises in an optimizing general equilibrium model. It is shown that a rise in current and expected future budget deficits generates a real exchange rate appreciation and a decumulation of external assets, leading up to a currency crisis when foreign...
Persistent link: https://www.econbiz.de/10014085505
This paper aims to propose a new measure of exchange market pressure for countries operating in hard peg regimes, such as currency unions, currency boards or full dollarization. We use a general model of currency crisis to derive a sustainability index based upon the relationship between the...
Persistent link: https://www.econbiz.de/10013108459
Currency and financial turmoils in international capital markets have been the focus of an extensive theoretical research which started around 30 years ago. This paper provides a synthetic overview of this theoretical modeling. We analyze the basic analytical framework corresponding to the...
Persistent link: https://www.econbiz.de/10013065790
Persistent link: https://www.econbiz.de/10014369769
Persistent link: https://www.econbiz.de/10009303093