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Please use this identifier to cite or link to this item: http://hdl.handle.net/2108/152

Title: Fiscal deficits and currency crises
Authors: Marini, Giancarlo
Piersanti, Giovanni
Issue Date: Mar-2001
Publisher: CEIS
Series/Report no.: Quaderni CEIS; 140
Abstract: This paper investigates currency and financial crises in an optimizing general equilibrium model. It is shown that a rise in current and expected future budget deficits generates a real exchange rate appreciation and a decumulation of external assets, leading up to a currency crisis when foreign reserves approximate a critical level. Strong empirical support for our model is obtained by a probit estimation of financial crises for ten Latin American and Asian countries.
URI: http://hdl.handle.net/2108/152
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