| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w15534 |
| 来源ID | Working Paper 15534 |
| Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View | |
| Michael D. Bordo; Christopher M. Meissner; David Stuckler | |
| 发表日期 | 2009-11-19 |
| 出版年 | 2009 |
| 语种 | 英语 |
| 摘要 | Foreign currency debt is widely believed to increase risks of financial crisis, especially after being implicated as a cause of the East Asian crisis in the late 1990s. In this paper, we study the effects of foreign currency debt on currency and debt crises and its indirect short and long run effects on output between 1880-1913 and 1973-2003 for 45 countries. Greater ratios of foreign currency debt to total debt are associated with increased risks of currency and debt crises, although the strength of the association depends crucially on the size of a country's reserve base and its policy credibility. We find that financial crises, driven by exposure to foreign currency, resulted in significant permanent output losses. We evaluate our findings by looking at the risk posed by high levels of foreign currency liabilities in eastern Europe in late 2008. |
| 主题 | International Economics ; International Finance ; International Macroeconomics ; History ; Macroeconomic History |
| URL | https://www.nber.org/papers/w15534 |
| 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/573210 |
| 推荐引用方式 GB/T 7714 | Michael D. Bordo,Christopher M. Meissner,David Stuckler. Foreign Currency Debt, Financial Crises and Economic Growth: A Long Run View. 2009. |
| 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 | ||
| w15534.pdf（249KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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