کد مقاله | کد نشریه | سال انتشار | مقاله انگلیسی | نسخه تمام متن |
---|---|---|---|---|
964372 | 930516 | 2009 | 23 صفحه PDF | دانلود رایگان |
عنوان انگلیسی مقاله ISI
Identifying the effects of an exchange rate depreciation on country risk: Evidence from a natural experiment
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موضوعات مرتبط
علوم انسانی و اجتماعی
اقتصاد، اقتصادسنجی و امور مالی
اقتصاد و اقتصادسنجی
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چکیده انگلیسی
A natural experiment is used to study exchange rate depreciation and perceived sovereign risk. France suspended coinage of silver in 1876 provoking a significant exogenous depreciation of all silver standard countries versus gold standard currencies like the British pound – the currency in which their debt was payable. The evidence suggests an exchange rate depreciation can significantly increase sovereign risk if a country is exposed to foreign currency debt. We implement a difference-in-differences estimator and find that the average silver country's spread on hard currency debt increased over ten percent relative to non-silver countries.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 28, Issue 6, October 2009, Pages 1022–1044
Journal: Journal of International Money and Finance - Volume 28, Issue 6, October 2009, Pages 1022–1044
نویسندگان
Michael D. Bordo, Christopher M. Meissner, Marc D. Weidenmier,