| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2590 |
| DP2590 True Multilateral Indexes for International Comparisons of Real Income: Theory and Empirics | |
| Peter Neary | |
| 发表日期 | 2000-10-24 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | This paper proposes a theory of twin banking-currency crises in which both fundamentals and self-fulfilling beliefs play crucial roles. Fundamentals determine whether crises will occur. Self-fulfilling beliefs determine when they occur. The fundamental that causes ?twin crises? is government guarantees to domestic banks' foreign creditors. When these guarantees are in place twin crises inevitably occur, but their timing is a multiple equilibrium phenomenon that depends on agents' beliefs. So while self-fulfilling beliefs have an important role to play, twin crises do not happen just anywhere. They happen in countries where there are fundamental problems, such as guarantees to the financial sector. |
| 主题 | International Macroeconomics |
| 关键词 | Fixed exchange rate regimes Hedging Government guarantees Speculative attacks |
| URL | https://cepr.org/publications/dp2590 |
| 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/531658 |
| 推荐引用方式 GB/T 7714 | Peter Neary. DP2590 True Multilateral Indexes for International Comparisons of Real Income: Theory and Empirics. 2000. |
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