G2TT
来源类型Discussion paper
规范类型论文
来源IDDP4873
DP4873 Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence
B Espen Eckbo; Karin S. Thorburn
发表日期2005-01-23
出版年2005
语种英语
摘要The Argentine convertibility regime, where the peso was fixed at parity with the US dollar, ended with a ?twin crisis? ? a tripling in the price of a dollar and a protracted closure of the entire banking system ? accompanied by an economic contraction so severe that it is often referred to as ?Nuestra gran depresión?. But the government's attempt to imitate President Roosevelt by pesifying dollar loan contracts (while simultaneously protecting dollar depositors) had the effect of destroying bank net worth in the absence of credible compensation. To analyse the macroeconomic effects of credit crunch and currency collapse (and of policies to mitigate them), we turn to a model of crisis, specifically that of Aghion, Bacchetta & Banerjee (2000). Our account, however, combines the supply contraction cause by balance sheet effect with a Keynesian demand contraction due to a domestic credit crunch, exacerbated by unsuccessful resolution of the banking crisis. The latter is analysed as a game of political economy played between government and banks about who pays for the banking crisis induced by default and asymmetric pesification.
主题International Macroeconomics
关键词Argentina debt crisis Twin crisis Keynesian recession Asymmetric pesification Conflicting beliefs
URLhttps://cepr.org/publications/dp4873
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/533778
推荐引用方式
GB/T 7714
B Espen Eckbo,Karin S. Thorburn. DP4873 Bidding in Mandatory Bankruptcy Auctions: Theory and Evidence. 2005.
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