| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP4016 |
| DP4016 The Optimal Capital Structure of an Economy | |
| Hans Gersbach | |
| 发表日期 | 2003-08-23 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | This Paper explores the hypothesis that the dollarization of liabilities in emerging market economies is the result of a lack of monetary credibility. I present a model in which firms choose the currency composition of their debts so as to minimize their probability of default. Decreasing monetary credibility can induce firms to dollarize their liabilities, even though this makes them vulnerable to a depreciation of the domestic currency. The channel is different from the channel studied in the earlier literature on sovereign debt, and it applies to both private and public debt. The Paper presents some empirical evidence and discusses policy implications. |
| 主题 | International Macroeconomics |
| 关键词 | Foreign currency debt Liability dollarization Monetary credibility Financial crisis Devaluation |
| URL | https://cepr.org/publications/dp4016 |
| 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/532995 |
| 推荐引用方式 GB/T 7714 | Hans Gersbach. DP4016 The Optimal Capital Structure of an Economy. 2003. |
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