| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3386 |
| DP3386 On the Number and Size of Cities | |
| Jacques-François Thisse; Takatoshi Tabuchi; Dao-Zhi Zeng | |
| 发表日期 | 2002-05-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | To check hyperinflation, Argentina pegged the peso at one US dollar in 1991. This stopped inflation in its tracks: but, with the rise of the dollar against the Euro and the substantial devaluation of the Brazilian real, the peso became increasingly over-valued leading to a significant country-risk premium on Argentine dollar liabilities as devaluation with ?pesification? was anticipated. Here, we apply the Ozkan and Sutherland (1998) model of over-valuation and currency crisis to analyse three scenarios: (i) that Cavallo unnecessarily delayed devaluation, (ii) that the delay was reasonable, and (iii) Cavallo?s view, that the peg should have been preserved but was destroyed by self-fulfilling panic. In conclusion, we argue that, as the costs associated with devaluation and default are largely determined ex post, so the appropriate interpretation depends on how the crisis is handled. |
| 主题 | International Macroeconomics |
| 关键词 | Multiple equilibria Regime switches Currency crisis |
| URL | https://cepr.org/publications/dp3386 |
| 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/532409 |
| 推荐引用方式 GB/T 7714 | Jacques-François Thisse,Takatoshi Tabuchi,Dao-Zhi Zeng. DP3386 On the Number and Size of Cities. 2002. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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