Exchange Rates and Financial Fragility
Опубликовано на портале: 22-10-2007
NBER Working Papers.
1998.
No. 7418.
Тематические разделы:
In this paper we analyze three views of the relationship between the exchange rate
and financial fragility: (1) the moral hazard hypothesis, according to which pegged
exchange rates offer implicit insurance against exchange risk and thereby encourage
reckless borrowing and lending; (2) the original sin hypothesis, which emphasizes
an incompleteness in financial markets which prevents the domestic currency from
being used to borrow abroad or to borrow long term even domestically; and (3) the
commitment problem hypothesis, which sees financial crises as resulting from neither
moral hazard nor original sin but from the weakness of the institutions that address
commitment problems. We examine the evidence on these hypotheses and draw out their
implications for exchange-rate policy in emerging markets
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IMF, Working Paper.
2007.
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Journal of Banking & Finance.
2005.
No. 29.
P. 1459-1481.
[Статья]
[Учебная программа]