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Currency crashes in industrial countries: much ado about nothing?

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Author Info
Joseph E. Gagnon

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Abstract

Sharp exchange rate depreciations, or currency crashes, are associated with poor economic outcomes in industrial countries only when they are caused by inflationary macroeconomic policies. Moreover, the poor outcomes are attributable to inflationary policies in general and not the currency crashes in particular. On the other hand, crashes caused by rising unemployment or external deficits have always had good economic consequences with stable or falling inflation rates.

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Publisher Info
Paper provided by Board of Governors of the Federal Reserve System (U.S.) in its series International Finance Discussion Papers with number 966.

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Date of creation: 2009
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Related research
Keywords: Foreign exchange rates;

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This page was last updated on 2009-11-18.

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