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https://ah.lib.nccu.edu.tw/handle/140.119/73956
題名: | Why Are Crisis-Induced Devaluations Contractionary? Exploring Alternative Hypotheses | 作者: | Shen, Chung-Hua;Rajan, Ramkishen S. 沈中華 |
貢獻者: | 金融系 | 關鍵詞: | Capital flows; Currency crisis; Contractionary devaluation; Speculative attack | 日期: | 2006 | 上傳時間: | 23-三月-2015 | 摘要: | Why are some currency crises followed by economic contractions while others are not? This paper is an attempt at answering this query. In particular, we investigate two closely related questions. First, we explore whether there is a difference in the output effects of a devaluation during “normal” periods versus crises ones; after all, during non-crisis periods, real exchange devaluation is seen as an important policy option for promoting exports and output growth. Yet, the literature has not made a distinction between crisis and non-crisis periods. To preview the main conclusion, we find that the contractionary effects tend to exist only during the crisis period. Building on this, we go on to explore the factors that cause a crisis-induced devaluation to be contractionary. | 關聯: | Journal of Economic Integration, 2006, vol. 21, pages 526-550 | 資料類型: | article |
出現在類別: | 期刊論文 |
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