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- Currency Crises And Government Finances
- Fiscal policy plays a big role in currency crises - before, and after they occur. Thus policymakers should not underestimate the importance of fiscal policy. The paper reviews the traditional models of currency crises, explained as a consequence of unsustainable fiscal policy, and how debt is accumulated, how currency crisis...
- White papers 2002-05-01
- Spreading Currency Crises: The Role Of Economic Interdependence
- This paper analyzes how the mutual dependence of private sector expectations in different countries on one another influences the stability of fixed exchange rate regimes. The crisis probabilities of countries trading with another are interdependent because wage setters react to an imminent loss of international competitiveness stemming from an increase...
- White papers 2002-08-01
- Output Response to Currency Crises
- This paper analyzes the behavior of output during currency crises using a sample of 195 crisis episodes in 91 developing countries .It finds that more than two-fifths of the crises in the sample were expansionary, and that output contraction was greater in large and more developed economies than in small...
- White papers 2003-11-01
- Currency Crises in Developed and Emerging Market Economies: A Comparative Empirical Treatment
- This paper takes a step in empirically testing the implications of a number of theoretical models that attempt to highlight the dynamics behind currency crises. The empirical findings provide support for the view that, in general, deterioration in economic fundamentals and the pursuit of lax monetary policy can contribute to...
- White papers 2005-01-01
- The Interactions Between Debt and Currency Crises -Common Causes or Contagion?
- In contrast to the well-known twin currency and banking crises the literature has so far neglected a second type of twin crises, the simultaneous occurrence of currency and debt crises. This empirical analysis finds some evidence that one-year lagged debt crisis strongly Granger causes currency crisis and two-year lagged currency...
- White papers 2004-12-01
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