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Please use this identifier to cite or link to this item:
http://hdl.handle.net/2108/152
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| 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 |
| Appears in Collections: | Quaderni
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| 140.PDF | | 93Kb | Adobe PDF | View/Open |
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