کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
5091266 1478338 2006 31 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
The role of foreign currency debt in financial crises: 1880-1913 versus 1972-1997
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
The role of foreign currency debt in financial crises: 1880-1913 versus 1972-1997
چکیده انگلیسی
We show that exposure to foreign currency debt does not necessarily increase the risk of having a financial crisis. Some countries do not suffer from financial fragility despite original sin. Before 1913 British offshoots and Scandinavia afflicted with it avoided financial meltdowns. Today many advanced countries have original sin, but few have had crises. In both periods, aggregate balance sheet mismatches are associated with a greater likelihood of a crisis. The evidence suggests that foreign currency debt is dangerous when mis-managed. This is part of the difference between developed countries and emerging markets both of which borrow in foreign currency.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Banking & Finance - Volume 30, Issue 12, December 2006, Pages 3299-3329
نویسندگان
, ,