| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5329 |
| 来源ID | Working Paper 5329 |
| The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis | |
| Andrew Atkeson; Jose-Victor Rios-Rull | |
| 发表日期 | 1995-10-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | In standard models of the balance of payments, crises occur when investors begin to doubt the credibility of the government's commitment to its exchange rate policy. In this paper, we develop an alternative model in which balance of payments crises occur even if the credibility of government fiscal, monetary, and exchange rate policies is never in doubt. In this alternative model, international lending is constrained by the risk of repudiation. Balance of payments crises occur when the government and citizens of a country hit their international borrowing constraints. Our model is broadly consistent with events in Mexico from 1987-1995. More generally, our model suggests that countries which undertake sweeping macroeconomic and structural reforms should expect to face a balance of payments crisis when they exhaust their access to international capital inflows. |
| 主题 | International Economics ; International Finance ; International Macroeconomics |
| URL | https://www.nber.org/papers/w5329 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562781 |
| 推荐引用方式 GB/T 7714 | Andrew Atkeson,Jose-Victor Rios-Rull. The Balance of Payments and Borrowing Constraints: An Alternative View of the Mexican Crisis. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5329.pdf（473KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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