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Balance of Payments Crises in a Cash-in-Advance Economy

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Author Info
Calvo, Guillermo A
Abstract

The author shows that a flexible-prices, Sidrauski-type model with a cash-in-advance constraint is capable of depicting some of the phenomena associated with a balance of payments crisis, like the onesrecently observed in Argentina and Mexico (current-accounts deficits,and appreciation of the real exchange rat e). It is also shown that these phenomena become exacerbated as the rate of devaluation (before the crisis occurs) becomes smaller. Copyright 1987 by Ohio State University Press.

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Publisher Info
Article provided by Blackwell Publishing in its journal Journal of Money, Credit and Banking.

Volume (Year): 19 (1987)
Issue (Month): 1 (February)
Pages: 19-32
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Handle: RePEc:mcb:jmoncb:v:19:y:1987:i:1:p:19-32

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Web page: http://www.blackwellpublishing.com/journal.asp?ref=0022-2879

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  1. Martin Uribe, 1996. "The Tequila effect: theory and evidence from Argentina," International Finance Discussion Papers 552, Board of Governors of the Federal Reserve System (U.S.). [Downloadable!]
  2. Daekuen Park & Jeffrey Sachs, 1987. "Capital Controls and the Timing of Exchange Regime Collapse," NBER Working Papers 2250, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  3. Kiguel, Miguel A. & Liviatan, Nissan, 1988. "Inflationary rigidities and stabilization policies," Policy Research Working Paper Series 4, The World Bank. [Downloadable!]
  4. Craig Burnside, 2004. "The Research Agenda: Craig Burnside on the Causes and Consequences of Twin Banking-Currency Crises," EconomicDynamics Newsletter, Review of Economic Dynamics, vol. 5(2), April. [Downloadable!]
  5. Velasco, Andres, 1989. "Real Interest Rates And Government Debt During Stabilization," Working Papers 89-34, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
  6. Kiguel, Miguel & Liviatan, Nissan, 1990. "The business cycle associated with exchange-rate-based stabilization," Policy Research Working Paper Series 513, The World Bank. [Downloadable!]
  7. James Bullard, 1991. "Collapsing exchange rate regimes: a reinterpretation," Working Papers 1991-003, Federal Reserve Bank of St. Louis. [Downloadable!]
  8. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 2003. "Government Finance in the Wake of Currency Crises," RCER Working Papers 501, University of Rochester - Center for Economic Research (RCER). [Downloadable!]
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  9. Mª Jose Gutierrez & Jesús Vazquez, 2003. "Explosive Hyperinflation, Inflation Tax Laffer Curve and Modelling the use of Money," DFAEII Working Papers 200227, University of the Basque Country - Department of Foundations of Economic Analysis II. [Downloadable!]
  10. Tornell, Aaron & Velasco, Andres, 1995. "Money-Based Versus Exchange Rate-Based Stabilization with Endogenous Fiscal Policy," Working Papers 95-21, C.V. Starr Center for Applied Economics, New York University. [Downloadable!]
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  11. Omar F. Saqib, 2002. "Interpreting Currency Crises: A Review of Theory, Evidence, and Issues," Discussion Papers of DIW Berlin 303, DIW Berlin, German Institute for Economic Research. [Downloadable!]
  12. Marcos Buscaglia, 2004. "Sterilization of Capital Inflows and Balance of Payments Crises," Econometric Society 2004 Latin American Meetings 189, Econometric Society. [Downloadable!]
  13. Craig Burnside & Martin Eichenbaum & Sergio Rebelo, 1998. "Prospective Deficits and the Asian Currency Crisis," NBER Working Papers 6758, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  14. Sebastian Edwards, 1989. "Exchange Controls, Devaluations and Real Exchange Rates: The Latin American Experience," NBER Working Papers 2348, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  15. Mariassunta Giannetti, 2004. "Old and Modern Currency Crises: Short-Term Liabilities, Speculative Attacks and Business Cycles," Econometric Society 2004 North American Summer Meetings 133, Econometric Society. [Downloadable!]
  16. Guillermo A. Calvo, 2003. "Explaining Sudden Stops, Growth Collapse and BOP Crises: The Case of Distortionary Output Taxes," NBER Working Papers 9864, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Sergio Rebelo & Carlos A. Vegh, 2006. "When Is It Optimal to Abandon a Fixed Exchange Rate?," NBER Working Papers 12793, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  18. Keiichiro Kobayashi, 2003. "A Theory of Banking Crises (Part 1)," Discussion papers 03016, Research Institute of Economy, Trade and Industry (RIETI). [Downloadable!]
  19. Simón Sosvilla-Rivero & Francisco Pérez-Bermejo, . "Credibility and Duration in Target Zones: Evidence from the EMS," Working Papers 2003-19, FEDEA. [Downloadable!]
  20. Yap, Josef T., 2002. "Monitoring Economic Vulnerability and Performance: Applications to the Philippines," Discussion Papers DP 2002-13, Philippine Institute for Development Studies. [Downloadable!]
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