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Temporary Stabilizations, Sudden Stops, and Asset Prices

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Author Info
Rajesh Singh
Chetan Subramanian
Abstract

The authors study a temporary exchange-rate based stabilization plan in which agents face a sudden stop of capital inflows. The model generates a rising path of real interest rates in advance of the exchange rate collapse. This generates a time-dependent non-monotonic path of required premium on domestic assets. The model-generated asset price dynamics closely mimic their empirical counterpart, as witnessed during recent collapses of exchange-rate based stabilization plans. The model also reproduces consumption and foreign reserve dynamics that closely mimic the data. Copyright © 2009 The Authors. Journal compilation © 2009 Blackwell Publishing Ltd.

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File URL: http://www.blackwell-synergy.com/doi/abs/10.1111/j.1467-9361.2008.00491.x
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Article provided by Blackwell Publishing in its journal Review of Development Economics.

Volume (Year): 13 (2009)
Issue (Month): 2 (05)
Pages: 333-347
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Handle: RePEc:bla:rdevec:v:13:y:2009:i:2:p:333-347

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This page was last updated on 2009-12-19.

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