G2TT
来源类型Discussion paper
规范类型论文
来源IDDP2954
DP2954 A Monetary Union in Motion: the European Experience
Richard Portes
发表日期2001-09-01
出版年2001
语种英语
摘要This Paper explores the implications of different strategies for financing the fiscal costs of twin crises in inflation and depreciation rates. We use a first-generation type model of speculative attacks which has four key features: (i) the crisis is triggered by prospective deficits: (ii) there exists outstanding non-indexed government debt issued prior to the crises; (iii) a portion of the governments liabilities are not indexed to inflation; and (iv) there are nontradable goods and costs of distributing tradable goods, so that purchasing power parity does not hold. We show that the model can account for the high rates of devaluation and moderate rates of inflation often observed in the wake of currency crises. We use our model and the data to interpret the recent currency crises in Mexico and Korea. Our analysis suggests that the Mexican government is likely to pay for the bulk of the fiscal costs of its crisis through seignorage revenues. In contrast, the Korean government is likely to rely more on a combination of implicit and explicit fiscal reforms.
主题International Macroeconomics
关键词Currency crisis Banking crisis Speculative attacks Seignorage Fiscal reform Bailouts
URLhttps://cepr.org/publications/dp2954
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/531977
推荐引用方式
GB/T 7714
Richard Portes. DP2954 A Monetary Union in Motion: the European Experience. 2001.
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