| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3621 |
| DP3621 The Stability and Growth Pact as an Impediment to Privatizing Social Security | |
| Assaf Razin; Efraim Sadka | |
| 发表日期 | 2002-11-20 |
| 出版年 | 2002 |
| 语种 | 英语 |
| 摘要 | In this Paper we present a model that combines the second-generation trade-off between costs of maintenance and abandonment with possible balance-sheet problems in the corporate sector. We show how debt levels can move a small economy from a fixed exchange rate to a floating exchange rate equilibrium or vice versa, simply by altering the trade-off faced by the monetary authorities. Even if the monetary authorities still have a substantial amount of foreign reserves available to guarantee the fixed value of the currency, they might choose not to and abandon the fixed exchange rate regime. Although it is often argued that first- and second-generation literature have not been able to explain the crisis in East Asia (1997-98), our model suggests that adding corporate balance sheet positions to second-generation models could substantially improve the explanatory power of these models in the case of the Asian crisis. |
| 主题 | International Macroeconomics |
| 关键词 | Financial crises monetary policy Financial fragility Currency crises Asian crisis |
| URL | https://cepr.org/publications/dp3621 |
| 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/532633 |
| 推荐引用方式 GB/T 7714 | Assaf Razin,Efraim Sadka. DP3621 The Stability and Growth Pact as an Impediment to Privatizing Social Security. 2002. |
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