Foreign currency denominated debt as an influence of exchange rate pressure during the 2008 global crisis is explored … across 58 countries. Countries with higher ratios of foreign currency denominated debt to total international debt … experienced significant currency depreciation during the global crisis. Predicted values of foreign currency denominated …

The paper employs a post-Kaleckian model to address the question of how currency devaluations affect aggregate demand …, capital accumulation, and debt in an economy with foreign currency liabilities. In benchmark post-Kaleckian open economy … models currency devaluations have two key effects. First, they change international price competitiveness and thus affect net …