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A note on the credibility of Bank-Run-Preventing Devaluation policies

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Author Info
Enrique Kawamura (Universidad de San Andres)

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Abstract

In this note I provide a notion of a credible devaluation policy in the context of the Chang and Velasco (2000) model. I show that when the long term asset is illiquid enough a flexible exchange rate policy is credible. It is also shown that there exists a non-trivial range for the liquidation value of the long term investment technology for which the same policy is not credible. Finally I propose a different flexible exchange rate regime which is shown to be credible.

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Publisher Info
Article provided by Facultad de Ciencias Económicas, Universidad Nacional de La Plata in its journal Económica.

Volume (Year): XLVIII (2002)
Issue (Month): 1-2 (January-December)
Pages: 51-67
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Handle: RePEc:lap:journl:527

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Find related papers by JEL classification:
G21 - Financial Economics - - Financial Institutions and Services - - - Banks; Other Depository Institutions; Mortgages
G28 - Financial Economics - - Financial Institutions and Services - - - Government Policy and Regulation

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This page was last updated on 2009-11-25.

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