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
موضوعات مرتبط
مهندسی و علوم پایه ریاضیات فیزیک ریاضی
پیش نمایش صفحه اول مقاله
A new & simple model of currency crisis: Bifurcations and the emergence of a bad equilibrium
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
نویسندگان
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