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Debt Crises and Exchange Crises

Author

Listed:
  • Reding, P.

Abstract

The paper examines to what extent a high public debt implies high vulnerability of a fixed exchange regime to currency crises. We combine a model of optimal debt repudiation, through inflation-devaluation, with a stochastic balance of payments crisis model.

Suggested Citation

  • Reding, P., 1996. "Debt Crises and Exchange Crises," Papers 171, Notre-Dame de la Paix, Sciences Economiques et Sociales.
  • Handle: RePEc:fth:nodapa:171
    as

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    More about this item

    Keywords

    PUBLIC DEBT; EXCHANGE RATE; CURRENCIES; BALANCE OF PAYMENTS; INFLATION;
    All these keywords.

    JEL classification:

    • E50 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - General
    • E52 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Monetary Policy
    • H60 - Public Economics - - National Budget, Deficit, and Debt - - - General
    • H63 - Public Economics - - National Budget, Deficit, and Debt - - - Debt; Debt Management; Sovereign Debt

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