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Budget Deficits and Exchange-Rate Crises

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Author Info

  • Barbara Annicchiarico
  • Giancarlo Marini
  • Giovanni Piersanti

Abstract

This paper investigates currency crises in an optimizing general equilibrium model with overlapping generations. It is shown that a rise in government budget deficits financed by future taxes generates a decumulation of external assets, leading up to a speculative attack and forcing the monetary authorities to abandon the peg.

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File URL: http://www.tandfonline.com/doi/abs/10.1080/10168737.2010.504779
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Bibliographic Info

Article provided by Taylor & Francis Journals in its journal International Economic Journal.

Volume (Year): 25 (2011)
Issue (Month): 2 ()
Pages: 285-303

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Handle: RePEc:taf:intecj:v:25:y:2011:i:2:p:285-303

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Web page: http://www.tandfonline.com/RIEJ20

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Related research

Keywords: Budget deficits; foreign exchange reserves; currency crises;

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Cited by:
  1. Giancarlo Marini & Giovanni Piersanti, 2012. "Models of Speculative Attacks and Crashes in International Capital Markets," CEIS Research Paper 245, Tor Vergata University, CEIS, revised 24 Jul 2012.
  2. Giancarlo Marini & Giovanni Piersanti, 2003. "Fiscal Deficits and Currency Crises," CEIS Research Paper 15, Tor Vergata University, CEIS.

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