کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
13461530 | 1845224 | 2020 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
A new & simple model of currency crisis: Bifurcations and the emergence of a bad equilibrium
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
فیزیک ریاضی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
This paper considers the question of currency crisis in a dynamic setting in which agents do nothold rational expectations. Under a sufficient condition the paper shows the possibility of a collapse of the currency due to a progressive loss of reserves. It is important to note that a collapse is not triggered by a bad policy, or bad luck, but due to a regime-shift from a stable to an unstable and unique steady state - bad equilibrium. In this sense the paper offers a new explanation of currency crisis: a crisis that erupts even when there is no evidence of bad policy, or of multiple equilibria (bad luck). The model is further extended to a case of heterogeneous agents.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Physica A: Statistical Mechanics and its Applications - Volume 538, 15 January 2020, 122860
Journal: Physica A: Statistical Mechanics and its Applications - Volume 538, 15 January 2020, 122860
نویسندگان
Partha Gangopadhyay,