| 来源类型 | Discussion paper
|
| 规范类型 | 论文
|
| 来源ID | DP1955
|
| DP1955 Social Mobility and the Demand for Redistribution: the POUM Hypothesis |
| Roland Benabou; Efe A Ok
|
| 发表日期 | 1998-08-31
|
| 出版年 | 1998
|
| 语种 | 英语
|
| 摘要 | This paper studies sharp reductions in current account deficits and large exchange rate depreciations in low- and middle-income countries. It examines which factors help predict the occurrence of a reversal or a currency crisis, and how these events affect macroeconomic performance. It finds that both domestic factors, such as the low reserves, and external factors, such as unfavourable terms of trade and high interest rates in industrial countries, trigger reversals and currency crises. The two types of events are, however, distinct; indeed, current account imbalances are not sharply reduced in the years following a currency crisis. Economic performance around these events is also quite different. An exchange rate crash is associated with a fall in output growth and a recovery thereafter, while for reversal events there is no systematic evidence of a growth slowdown. |
| 主题 | International Macroeconomics
|
| 关键词 | Currency crisis
Current account reversal
Growth
Openness
Real exchange rate
|
| URL | https://cepr.org/publications/dp1955
|
| 来源智库 | Centre for Economic Policy Research (United Kingdom)
|
| 资源类型 | 智库出版物
|
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531088
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推荐引用方式
GB/T 7714 |
Roland Benabou,Efe A Ok. DP1955 Social Mobility and the Demand for Redistribution: the POUM Hypothesis. 1998.
|
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