کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
967327 931196 2007 12 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Financial crises and political crises
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Financial crises and political crises
چکیده انگلیسی
The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country's stability, they demand a high interest on the debt, exacerbating distortions and possibly leading to political crisis; but if lenders are optimistic, the cost of the debt falls and political crises disappear. In such a case, international liquidity packages can select the best equilibrium and rule out political crises at negligible cost.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of Monetary Economics - Volume 54, Issue 8, November 2007, Pages 2409-2420
نویسندگان
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