This paper investigates currency crises in an optimizing general equilibrium model with overlapping generations. It is shown that a rise in government budget deficits financed by future taxes generates a decumulation of external assets, leading up to a speculative attack and forcing the monetary authorities to abandon the peg. [...]
Titolo: | Budget Deficits and Exchange-Rate Crises |
Autori: | |
Data di pubblicazione: | 2007 |
Abstract: | This paper investigates currency crises in an optimizing general equilibrium model with overlapping generations. It is shown that a rise in government budget deficits financed by future taxes generates a decumulation of external assets, leading up to a speculative attack and forcing the monetary authorities to abandon the peg. [...] |
Handle: | http://hdl.handle.net/11575/3101 |
Appare nelle tipologie: | 5.12 Altro |
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