1 option
Liquidity Crises in Emerging Markets: Theory and Policy / Roberto Chang, Andres Velasco.
- Format:
- Book
- Author/Creator:
- Chang, Roberto.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w7272.
- NBER working paper series no. w7272
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Other Title:
- Liquidity Crises in Emerging Markets
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1999.
- Summary:
- We build a model of financial sector illiquidity in an open economy. Illiquidity defined as a situation in which a country's consolidated financial system has potential short-term obligations in foreign currency that exceed the amount of foreign currency it can have access to on short notice can be associated with self fulfilling bank and/or currency crises. We focus on the policy implications of the model, and study the role of capital inflows and the maturity of external debt, the way in which real exchange rate depreciation can transmit and magnify the effects of bank illiquidity, options for financial regulation, the role of debt and deficits, and the implications of adopting different exchange rate regimes.
- Notes:
- Print version record
- July 1999.
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