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Convertibility risk: the precautionary demand for foreign currency in a crisis


  • Stanley Black


  • Charis Christofides


  • Alex Mourmouras



No abstract is available for this item.

Suggested Citation

  • Stanley Black & Charis Christofides & Alex Mourmouras, 2006. "Convertibility risk: the precautionary demand for foreign currency in a crisis," Annals of Finance, Springer, vol. 2(2), pages 141-165, March.
  • Handle: RePEc:kap:annfin:v:2:y:2006:i:2:p:141-165
    DOI: 10.1007/s10436-005-0033-8

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    References listed on IDEAS

    1. de V. Cavalcanti, Tiago V. & Villamil, Anne P., 2003. "Optimal Inflation Tax And Structural Reform," Macroeconomic Dynamics, Cambridge University Press, vol. 7(03), pages 333-362, June.
    2. Atish R. Ghosh & Gabriela Basurto, 2000. "The Interest Rate-Exchange Rate Nexus in the Asian Crisis Countries," IMF Working Papers 00/19, International Monetary Fund.
    3. Flood, Robert P. & Jeanne, Olivier, 2005. "An interest rate defense of a fixed exchange rate?," Journal of International Economics, Elsevier, vol. 66(2), pages 471-484, July.
    4. Amartya Lahiri & Carlos A. Vegh, 2000. "Delaying the Inevitable: Optimal Interest Rate Policy and BOP Crises," NBER Working Papers 7734, National Bureau of Economic Research, Inc.
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    More about this item


    Convertibility risk; Currency crisis; Demand for money; Currency substitution; International reserves; Korea; E4; F3;

    JEL classification:

    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates
    • F3 - International Economics - - International Finance


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