A simple model of monetary policy and currency crises

被引：105

作者：

Aghion, P

Bacchetta, P

Banerjee, A

机构：

[1] Studienzentrum Gerzensee, CH-3115 Gerzensee, Switzerland

[2] UCL, London WC1E 6BT, England

[3] European Bank Reconstruct & Dev, London, England

[4] Ctr Econ Policy Res, London, England

[5] Univ Lausanne, DEEP, CH-1015 Lausanne, Switzerland

[6] MIT, Cambridge, MA 02142 USA

来源：

EUROPEAN ECONOMIC REVIEW | 2000年 / 44卷 / 4-6期

关键词：

monetary policy; foreign currency debt; currency crisis;

D O I：

10.1016/S0014-2921(99)00053-7

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper analyzes the optimal interest rate policy in currency crises, Firms are credit constrained and have debt in domestic and foreign currency, a situation that may easily lead to a currency crisis. An interest rate increase has an ambiguous effect on firms since it makes more difficult to borrow and may decrease the foreign currency debt burden. In some cases it is actually best to decrease the interest rate. We also show how these issues are related to the development of the financial system. (C) 2000 Elsevier Science B.V. All rights reserved. JEL classification: E4; E5; F3.

引用

页码：728 / 738

页数：11

共 8 条

[1] Dualism and macroeconomic volatility [J].

Aghion, P ;

Banerjee, A ;

Piketty, T .

QUARTERLY JOURNAL OF ECONOMICS, 1999, 114 (04) :1359-1397

[2]

[Anonymous], 2083 CEPR

[3]

BERNANKE B, 1989, AM ECON REV, V79, P14

[4] FINANCIAL INTERMEDIATION AND DELEGATED MONITORING [J].

DIAMOND, DW .

REVIEW OF ECONOMIC STUDIES, 1984, 51 (03) :393-414

[5]

Krugman P., 1997, International Economics-Theory and Policy, V4

[6]

KRUGMAN P, 1999, UNPUB BALANCE SHEETS

[7] EXCHANGE-RATE DYNAMICS REDUX [J].

OBSTFELD, M ;

ROGOFF, K .

JOURNAL OF POLITICAL ECONOMY, 1995, 103 (03) :624-660

[8]

Pleskovic B, 1998, ANNUAL WORLD BANK CONFERENCE ON DEVELOPMENT ECONOMICS 1997, P1

← 1 →