Since the mid 1990s, theories of speculative attacks have argued that fixed exchange rate regimes induce excessive borrowing in foreign currency as an optimal response to implicit guarantees that the government will not devalue the domestic currency. Using data on Brazilian firms before and...

Since the mid 1990s, theories of speculative attacks have argued that fixed exchange rate regimes induce excessive borrowing in foreign currency as an optimal response to implicit guarantees that the government will not devalue the domestic currency. Using data on Brazilian firms before and...

Der Autor gibt einen Literaturüberblick zur Fisher-Gleichung, wonach die nominelle Nettoverzinsung der Steuern der Inflationserwartung plus der realen Verzinsung entspricht, und testet das Modell anhand brasilianischer Daten aus den Jahren 1973-1990. Er kommt zu dem Ergebnis, daß in Zeiten...