کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
5099579 | 1377016 | 2007 | 30 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Balance sheets, exchange rate policy, and welfare
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کلمات کلیدی
موضوعات مرتبط
مهندسی و علوم پایه
ریاضیات
کنترل و بهینه سازی
پیش نمایش صفحه اول مقاله
چکیده انگلیسی
We evaluate the welfare implications of fixed and flexible exchange rate regimes in a small open-economy model that incorporates the financial accelerator coupled with liability dollarization. We solve the model up to a second-order approximation which allows us to rigorously address the relationship between uncertainty and welfare. We identify leverage and debt-to-GDP ratios above which an exchange rate peg is welfare superior to a flexible exchange rate regime. The results indicate that emerging market countries with even moderate levels of foreign currency-denominated debt may find it beneficial to stabilize their exchange rates.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 12, December 2007, Pages 3986-4015
Journal: Journal of Economic Dynamics and Control - Volume 31, Issue 12, December 2007, Pages 3986-4015
نویسندگان
Selim ElekdaÄ, Ivan Tchakarov,