Prospective deficits and the Asian currency crisis

Craig Burnside, Martin Eichenbaum, and Sergio Rebelo

The recent Asian currency crisis was caused by large prospective fiscal deficits associated with implicit bailout guarantees to failing banking systems. Absent the political will to raise taxes or cut spending, governments must resort to seignorage revenues to pay for the bailout of the banking system. In a world of forward-looking agents, this makes a currency crisis inevitable

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Year of publication:	[1999]
Authors:	Burnside, Craig
Other Persons:	Eichenbaum, Martin S. (contributor) ; Rebelo, Sergio (contributor)
Institutions:	World Bank / Development Research Group / Macroeconomics and Growth (contributor)
Publisher:	Washington, DC : World Bank, Development Research Group, Macroeconomics and Growth
Subject:	Währungskrise \| Currency crisis \| Haushaltsdefizit \| Budget deficit \| Südostasien \| Southeast Asia \| Währungsspekulation \| Currency speculation \| Bankenkrise \| Banking crisis \| Dynamisches Gleichgewicht \| Dynamic equilibrium \| Theorie \| Theory \| Bankenregulierung \| Bank regulation

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Extent:	Online-Ressource (43, [8] p) ill 28 cm
Series:	Policy research working paper ; 2174
Type of publication:	Book / Working Paper
Language:	English
Notes:	"September 1999"--Cover Includes bibliographical references (p. 40-42) Also available in print.
Source:	ECONIS - Online Catalogue of the ZBW

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