Government finance in the wake of currency crises

Journal of Monetary Economics

Volumn 53, Issue 3, 2006, Pages 401-440

  Burnside, Craig ^a   Eichenbaum, Martin ^b   Rebelo, Sergio ^b  

^a DUKE UNIVERSITY   (United States)

^b NORTHWESTERN UNIVERSITY   (United States)

Author keywords

Bailouts; Banking crisis; Currency crisis; Fiscal reform; Seignorage; Speculative attacks

Indexed keywords

EID: 33645898991     PISSN: 03043932     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jmoneco.2005.03.012     Document Type: Article

References (31)

1. Burnside C. Debt and fiscal sustainability in Turkey: 1994-2002 (2002), Mimeo, World Bank
2. Burnside C., Eichenbaum M., and Rebelo S. Prospective deficits and the Asian currency crisis. Journal of Political Economy 109 (2001) 1155-1197
3. Burnside C., Eichenbaum M., and Rebelo S. On the fiscal implications of twin crises. In: Michael P.D., and Frankel J.A. (Eds). Managing Currency Crises in Emerging Markets (2003), University of Chicago Press, Chicago
4. Burstein A., Neves J., and Rebelo S. Distribution costs and real exchange rate dynamics during exchange-rate-based stabilizations. Journal of Monetary Economics 50 (2003) 1189-1214
5. Burstein, A., Eichenbaum, M., Rebelo, S., 2005a. Large devaluations and the real exchange rate. Journal of Political Economy 113, 742-784.
6. Burstein A., Eichenbaum M., and Rebelo S. Modeling exchange rate passthrough after large devaluations (2005), Mimeo, Northwestern University March
7. Cagan P. Monetary dynamics of hyperinflation. In: Milton F. (Ed). Studies in the Quantity Theory of Money (1956), University of Chicago Press, Chicago
8. Calvo G. Balance of payments crises in a cash-in-advance economy. Journal of Money Credit and Banking 19 (1987) 19-32
9. Caprio, Jr., G., Klingebiel, D., 1996. Bank insolvencies: cross country experience. Policy Research Working Paper 1620, World Bank.
10. Chari V.V., and Kehoe P. Hot money. Journal of Political Economy 111 (2003) 1262-1292
11. Cochrane J. Long-term debt and optimal policy in the fiscal theory of the price level. Econometrica 69 (2001) 69-116
12. Corsetti, G., Mackowiak, B., 2005. Nominal debt and the dynamics of currency crises, European Economic Review, forthcoming.
13. Corsetti G., Pesenti P., and Roubini R. What caused the Asian currency and financial crisis. Japan and the World Economy 11 (1999) 305-373
14. Daniel B.C. The fiscal theory of the price level in an open economy. Journal of Monetary Economics 48 (2001) 293-308
15. Drazen A., and Helpman E. Stabilization with exchange rate management. Quarterly Journal of Economics 102 (1987) 835-855
16. Dupor W. Exchange rates and the fiscal theory of the price level. Journal of Monetary Economics 45 (2000) 613-630
17. Flood R., and Garber P. Collapsing exchange rate regimes: some linear examples. Journal of International Economics 17 (1984) 1-13
18. Jeanne, O., 1999. Currency crises: A perspective on Recent Theoretical Developments. Discussion Paper No. 2170, Centre for Economic Policy Research.
19. Jeanne O., and Zettelmeyer J. International bailouts, financial transparency and moral hazard (2000), Mimeo, International Monetary Fund
20. Krugman P. A model of balance of payments crises. Journal of Money, Credit and Banking 11 (1979) 311-325
21. Lahiri A., and Végh C. Delaying the inevitable: interest rate defense and BOP crises. Journal of Political Economy 111 (2003) 404-424
22. Lindgren C.-J., Garcia G.G.H., and Saal M.I. Bank soundness and macroeconomic policy (1996), International Monetary Fund, Washington, DC
23. Obstfeld M. Speculative attack and the external constraint in a maximizing model of the balance of payments. Canadian Journal of Economics 29 (1986) 1-20
24. Park D., and Rhee C. Measuring the degree of currency misalignment using offshore forward exchange rates: the case of the Korean financial crisis. Journal of Asset Management 2 (2001) 84-95
25. Persson M., Persson T., and Svensson L.E.O. Debt, cash flow and inflation incentives: A swedish example. In: Guillermo A.C., and King M. (Eds). The Debt Burden and its Consequences for Monetary Policy (1998), St. Martin's Press, New York
26. Rebelo S., and Végh C. When is it optimal to abandon a fixed exchange rate? (2002), Mimeo, Northwestern University March
27. Sargent T.J., and Wallace N. The stability of models of money and growth with perfect foresight. Econometrica 41 (1973) 1043-1048
28. Sims C. A simple model for the determination of the price level and the interaction of monetary and Fiscal Policy. Economic Theory 4 (1994) 381-399
29. Standard and Poor's, 2000. Global financial system stress: 15 Display Troubled credit quality, RatingsDirect, July 31.
30. van Wijnbergen S. Fiscal deficits exchange rate crises and inflation. Review of Economic Studies 58 (1991) 81-92
31. Woodford M. Price level determinacy without control of a monetary aggregate. Carnegie-Rochester Conference Series on Public Policy 43 (1995) 1-46