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The Business Cycles of Balance-of-Payment Crises : A Revision of Mundellan Framework
Mendoza, Enrique G. - 1999
In his seminal 1960 article Robert Mundell proposed a model of balance-of-payments crises in which confidence in the continuation of a currency peg depended on the observed holdings of central bank foreign reserves. We examine the implications of a reformulation of this view from the perspective...
Persistent link: https://www.econbiz.de/10012471756
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Exchange Rate and Current Account Dynamics Under Rational Expectations : An Econometric Analysis
Papell, David H. - 1985
An econometric portfolio balance model of an open economy, incorporating exchange rate, price, and current account dynamics, is derived and estimated.The usual stability conditions do not guarantee a unique rational expectations solution, and several proposals for resolving this situation are...
Persistent link: https://www.econbiz.de/10012477508
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Asset Markets, Exchange Rates and the Balance of Payments
Frenkel, Jacob A. - 1984
This paper, written as a chapter for a Handbook of International Economics, reviews developments in the theory of … of exchange rate theory, starting with the monetary approach to exchange rate determination. Issues discussed in this … framework that views the question of exchange rate determination as part of the general theory of the determination of asset …
Persistent link: https://www.econbiz.de/10012477808
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Balance-of-Payments Crises and Devaluation
Obstfeld, Maurice - 1983
The collapse of a fixed exchange rate is typically marked by a sudden balance-of-payments crisis in which"speculators" fleeing from the domestic currency acquire a large portion of the central bank's foreign exchange holdings.Faced with such an attack, the central bank often withdraws...
Persistent link: https://www.econbiz.de/10012477999
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On the Adequacy or Inadequacy of Keynesian Balance-of-Payments Theory : A Rejoinder
Buiter, Willem H. - 1982
expansion appears to be the source of Kuska's erroneous indictment of "Keynesian" balance-of-payments theory.We also establish …
Persistent link: https://www.econbiz.de/10012478073
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Balance of Payments and the Foreign Exchange Market : A Dynamic Partial Equilibrium Model
Kouri, Pentti J.K. - 1981
This paper develops a dynamic partial equilibrium model of the foreign exchange market extending the standard textbook model in two respects. First, capital account transactions are explicitly incorporated into the model, and secondly, 'rational' speculative behaviour is also introduced. At a...
Persistent link: https://www.econbiz.de/10012478477
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Balance-Sheet Diversification in General Equilibrium : Identification and Network Effects
Heipertz, Jonas - 2017
The paper uses disaggregated data on asset holdings and liabilities to estimate a general equilibrium model where each institution determines the diversification and size of the asset and liability sides of its balance-sheet. The model endogenously generates two types of financial networks: (i)...
Persistent link: https://www.econbiz.de/10012455110
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Debt and Conditionality under Endogenous Terms of Trade Adjustment
Aizenman, Joshua - 1988
The purpose of this study is to identify conditions under which renewed international. lending will benefit both the developed and the developing countries. Our analysis will evaluate how the presence of terms of trade adjust-rent and distorted credit markets affect the conditions for the...
Persistent link: https://www.econbiz.de/10012476484
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External Balance Sheets and the COVID-19 Crisis
Hale, Galina; Juvenal, Luciana - National Bureau of Economic Research - 2021
At the onset of the COVID-19 economic crisis, as in other crisis episodes, the flight to safety was accompanied by a rapid appreciation of "safe haven" currencies. We quantify currency-induced balance sheet effects for total external positions as well as for individual asset classes using new...
Persistent link: https://www.econbiz.de/10012629497
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The Trade Reform Wave of 1985-1995
Irwin, Douglas A. - National Bureau of Economic Research - 2022
The decade from 1985 to 1995 was an unprecedented period of declining barriers to global trade. The reform wave was especially pronounced in developing countries where overvalued currencies were eliminated, quantitative import restrictions dismantled, and import tariffs reduced. What accounts...
Persistent link: https://www.econbiz.de/10013191068