Balance of Payments Crisis: The Role of Short-Term Debt
AbstractJune 2000 (Revised) This paper presents a dynamic general equilibrium model of balance of payments crises to analyze the role of sterilization policies during speculative attacks. It is shown that if domestic bond interest rates are not allowed to rise real money balances increase and the attack takes place entirely in the domestic bond market, leading to a sharp increase in central bank domestic credit. Data for the 1994 Mexican crisis are consistent with this theory. Keywords: intellectual property rights, copyright, sui generis protection of expressive material, economics of information-goods, open science, "fair use," scientific databases. JEL Classification: H4, K39, O31, O34 -->
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Bibliographic InfoPaper provided by Stanford University, Department of Economics in its series Working Papers with number 00019.
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intellectual property rights; copyright; sui generis protection of expressive material; economics of information-goods; open science;
Find related papers by JEL classification:
- H4 - Public Economics - - Publicly Provided Goods
- K39 - Law and Economics - - Other Substantive Areas of Law - - - Other
- O31 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Innovation and Invention: Processes and Incentives
- O34 - Economic Development, Technological Change, and Growth - - Technological Change; Research and Development; Intellectual Property Rights - - - Intellectual Property and Intellectual Capital
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- NEP-ALL-2001-02-14 (All new papers)
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- Kumhof, Michael, 2000. "A quantitative exploration of the role of short-term domestic debt in balance of payments crises," Journal of International Economics, Elsevier, vol. 51(1), pages 195-215, June.
- Robert Dekle & Kenneth M. Kletzer, 2001.
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- Bhattacharya, Utpal, 2005. "Financial liberalization and the stability of currency pegs," Journal of Corporate Finance, Elsevier, vol. 11(1-2), pages 351-374, March.
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