Devaluation risk and the business-cycle implications of exchange-rate management
Author
Abstract
Suggested Citation
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Mendoza, Enrique G, 1995. "The Terms of Trade, the Real Exchange Rate, and Economic Fluctuations," International Economic Review, Department of Economics, University of Pennsylvania and Osaka University Institute of Social and Economic Research Association, vol. 36(1), pages 101-137, February.
- Calvo, Guillermo A. & Drazen, Allan, 1998. "Uncertain Duration Of Reform," Macroeconomic Dynamics, Cambridge University Press, vol. 2(4), pages 443-455, December.
- Lahiri, Amartya, 2001.
"Exchange rate based stabilizations under real frictions: The role of endogenous labor supply,"
Journal of Economic Dynamics and Control, Elsevier, vol. 25(8), pages 1157-1177, August.
- Amartya Lahiri, 1996. "Exchange Rate Based Stabilizations Under Real Frictions: The role of endagenous labor supply," UCLA Economics Working Papers 759, UCLA Department of Economics.
- Calvo, Guillermo A., 2000. "Betting against the state socially costly financial engineering," Journal of International Economics, Elsevier, vol. 51(1), pages 5-19, June.
- Mussa, Michael, 1978. "Dynamic Adjustment in the Heckscher-Ohlin-Samuelson Model," Journal of Political Economy, University of Chicago Press, vol. 86(5), pages 775-791, October.
- Uribe, Martin, 1999. "Comparing the welfare costs and initial dynamics of alternative inflation stabilization policies," Journal of Development Economics, Elsevier, vol. 59(2), pages 295-318, August.
- Reinhart, Carmen M. & Vegh, Carlos A., 1995.
"Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination,"
Journal of Development Economics, Elsevier, vol. 46(2), pages 357-378, April.
- Reinhart, Carmen & Vegh, Carlos, 1995. "Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination," MPRA Paper 13898, University Library of Munich, Germany.
- Charles Engel, 1999.
"Accounting for U.S. Real Exchange Rate Changes,"
Journal of Political Economy, University of Chicago Press, vol. 107(3), pages 507-538, June.
- Charles Engel, 1995. "Accounting for U.S. Real Exchange Rate Changes," NBER Working Papers 5394, National Bureau of Economic Research, Inc.
- Engel, C., 1996. "Accounting for U.S. Real Exchange Rate Changes," Discussion Papers in Economics at the University of Washington 96-02, Department of Economics at the University of Washington.
- Engel, C., 1996. "Accounting for U.S. Real Exchange Rate Changes," Working Papers 96-02, University of Washington, Department of Economics.
- Carmen M. Reinhart & Graciela L. Kaminsky, 1999.
"The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,"
American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
- Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
- Reinhart, Carmen & Kaminsky, Graciela, 2000. "Las crisis gemelas: las causas de los problemas bancarios y de balanza de pagos [The twin crises: Te causes of banking and balance of payments problems]," MPRA Paper 13842, University Library of Munich, Germany.
- Guillermo A. Calvo & Leonardo Leiderman & Carmen M. Reinhart, 1993.
"Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors,"
IMF Staff Papers, Palgrave Macmillan, vol. 40(1), pages 108-151, March.
- Mr. Leonardo Leiderman & Ms. Carmen Reinhart & Mr. Guillermo Calvo, 1992. "Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," IMF Working Papers 1992/062, International Monetary Fund.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "Af1uencia de capital y apreciacion del tipo de cambio real en America Latina: E1 papel de los factores externos [Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of Ex," MPRA Paper 13681, University Library of Munich, Germany.
- Reinhart, Carmen & Calvo, Guillermo & Leiderman, Leonardo, 1993. "“Capital Inflows and Real Exchange Rate Appreciation in Latin America: The Role of External Factors," MPRA Paper 7125, University Library of Munich, Germany.
- Enrique G. Mendoza & Martin Uribe, 1996.
"The syndrome of exchange-rate-based stabilizations and the uncertain duration of currency pegs,"
International Finance Discussion Papers
548, Board of Governors of the Federal Reserve System (U.S.).
- Mendoza, Enrique & Uribe, Martin, 1997. "The Syndrome of Exchange-Rate-Based Stabilizations and the Uncertain Duration of Currency Pegs," Working Papers 97-30, Duke University, Department of Economics.
- Enrique G. Mendoza & Martin Uribe, 1997. "The syndrome of exchange-rate-based stabilizations and the uncertain duration of currency pegs," Discussion Paper / Institute for Empirical Macroeconomics 121, Federal Reserve Bank of Minneapolis.
- Kimbrough, Kent P., 1986. "The optimum quantity of money rule in the theory of public finance," Journal of Monetary Economics, Elsevier, vol. 18(3), pages 277-284, November.
- Carmen M. Reinhart & Graciela L. Kaminsky, 1999.
"The Twin Crises: The Causes of Banking and Balance-of-Payments Problems,"
American Economic Review, American Economic Association, vol. 89(3), pages 473-500, June.
- Graciela L. Kaminsky & Carmen M. Reinhart, 1996. "The twin crises: the causes of banking and balance-of-payments problems," International Finance Discussion Papers 544, Board of Governors of the Federal Reserve System (U.S.).
- Reinhart, Carmen & Kaminsky, Graciela, 1999. "The twin crises: The causes of banking and balance of payments problems," MPRA Paper 14081, University Library of Munich, Germany.
- Reinhart, Carmen & Vegh, Carlos, 1994.
"Inflation stabilization in chronic inflation countries: The empirical evidence,"
MPRA Paper
13689, University Library of Munich, Germany.
- Reinhart, Carmen & Vegh, Carlos, 1999. "Do Exchange Rate-Based Stabilizations Carry the Seeds of Their Own Destruction?," MPRA Paper 8952, University Library of Munich, Germany.
- Reinhart, Carmen & Vegh, Carlos, 1994. "Intertemporal consumption substitution and inflation stabilization:An empirical investigation," MPRA Paper 13427, University Library of Munich, Germany.
- Jonathan D. Ostry & Carmen M. Reinhart, 1992.
"Private Saving and Terms of Trade Shocks: Evidence from Developing Countries,"
IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 495-517, September.
- Mr. Jonathan David Ostry & Ms. Carmen Reinhart, 1991. "Private Saving and Terms of Trade Shocks: Evidence From Developing Countries," IMF Working Papers 1991/100, International Monetary Fund.
- Calvo, Guillermo A. & Mendoza, Enrique G., 1996.
"Mexico's balance-of-payments crisis: a chronicle of a death foretold,"
Journal of International Economics, Elsevier, vol. 41(3-4), pages 235-264, November.
- Guillermo A. Calvo & Enrique G. Mendoza, 1996. "Mexico's balance-of-payments crisis: a chronicle of death foretold," International Finance Discussion Papers 545, Board of Governors of the Federal Reserve System (U.S.).
- Kiguel, Miguel A & Liviatan, Nissan, 1992. "The Business Cycle Associated.with Exchange Rate-Based Stabilizations," The World Bank Economic Review, World Bank, vol. 6(2), pages 279-305, May.
- Klein, Michael W. & Marion, Nancy P., 1997.
"Explaining the duration of exchange-rate pegs,"
Journal of Development Economics, Elsevier, vol. 54(2), pages 387-404, December.
- Michael W. Klein & Nancy P. Marion, 1994. "Explaining the Duration of Exchange-Rate Pegs," NBER Working Papers 4651, National Bureau of Economic Research, Inc.
- Feenstra, Robert C., 1986. "Functional equivalence between liquidity costs and the utility of money," Journal of Monetary Economics, Elsevier, vol. 17(2), pages 271-291, March.
- de Cordoba, Gonzalo Fernandez & Kehoe, Timothy J., 2000. "Capital flows and real exchange rate fluctuations following Spain's entry into the European Community," Journal of International Economics, Elsevier, vol. 51(1), pages 49-78, June.
- Greenwood, Jeremy, 1983. "Expectations, the exchange rate, and the current account," Journal of Monetary Economics, Elsevier, vol. 12(4), pages 543-569, November.
- Calvo, Guillermo A, 1986. "Temporary Stabilization: Predetermined Exchange Rates," Journal of Political Economy, University of Chicago Press, vol. 94(6), pages 1319-1329, December.
- Uribe, Martin, 1997.
"Exchange-rate-based inflation stabilization: The initial real effects of credible plans,"
Journal of Monetary Economics, Elsevier, vol. 39(2), pages 197-221, July.
- Martin Uribe, 1995. "Exchange-rate based inflation stabilization: the initial real effects of credible plans," International Finance Discussion Papers 503, Board of Governors of the Federal Reserve System (U.S.).
- Mr. Torbjorn I. Becker & Mr. Anthony J. Richards & Mr. Gaston Gelos, 2000. "Devaluation Expectations and the Stock Market: The Case of Mexico in 1994/95," IMF Working Papers 2000/028, International Monetary Fund.
- Rodriguez, Carlos Alfredo, 1982. "The Argentine stabilization plan of December 20th," World Development, Elsevier, vol. 10(9), pages 801-811, September.
- Allan Drazen & Elhanan Helpman, 1987.
"Stabilization with Exchange Rate Management,"
The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 102(4), pages 835-855.
- Drazen, Allan & Helpman, Elhanan, 1986. "Stabilization with Exchange Rate Management," Foerder Institute for Economic Research Working Papers 275420, Tel-Aviv University > Foerder Institute for Economic Research.
- Kamin, Steven B. & Rogers, John H., 1996.
"Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico,"
Journal of International Economics, Elsevier, vol. 41(3-4), pages 285-307, November.
- Steven B. Kamin & John H. Rogers, 1996. "Monetary policy in the end-game to exchange-rate based stabilizations: the case of Mexico," International Finance Discussion Papers 540, Board of Governors of the Federal Reserve System (U.S.).
- Blanco, Herminio & Garber, Peter M, 1986. "Recurrent Devaluation and Speculative Attacks on the Mexican Peso," Journal of Political Economy, University of Chicago Press, vol. 94(1), pages 148-166, February.
- Frankel, Jeffrey A. & Rose, Andrew K., 1996.
"Currency crashes in emerging markets: An empirical treatment,"
Journal of International Economics, Elsevier, vol. 41(3-4), pages 351-366, November.
- Jeffrey A. Frankel & Andrew K. Rose, 1996. "Currency crashes in emerging markets: an empirical treatment," International Finance Discussion Papers 534, Board of Governors of the Federal Reserve System (U.S.).
- Jonathan D. Ostry & Carmen M. Reinhart, 1992.
"Private Saving and Terms of Trade Shocks: Evidence from Developing Countries,"
IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 495-517, September.
- Reinhart, Carmen & Ostry, Jonathan, 1991. "Private Saving and Terms of Trade Shocks," MPRA Paper 13716, University Library of Munich, Germany.
- Reinhart, Carmen & Ostry, Jonathan, 1992. "Saving and Terms of Trade Shocks: Evidence from Developing Countries," MPRA Paper 6976, University Library of Munich, Germany.
- Guillermo A. Calvo, 1988. "Costly Trade Liberalizations: Durable Goods and Capital Mobility," IMF Staff Papers, Palgrave Macmillan, vol. 35(3), pages 461-473, September.
- Carlos A. Végh, 1992. "Stopping High Inflation: An Analytical Overview," IMF Staff Papers, Palgrave Macmillan, vol. 39(3), pages 626-695, September.
- Helpman, Elhanan & Razin, Assaf, 1987.
"Exchange Rate Management: Intertemporal Tradeoffs,"
American Economic Review, American Economic Association, vol. 77(1), pages 107-123, March.
- Elhanan Helpman & Assaf Razin, 1985. "Exchange Rate Management: Intertemporal Tradoffs," NBER Working Papers 1590, National Bureau of Economic Research, Inc.
- Helpman, Elhanan & Razin, Assaf, 1985. "Exchange Rate Management: Intertemporal Tradeoffs," Foerder Institute for Economic Research Working Papers 275397, Tel-Aviv University > Foerder Institute for Economic Research.
- Albuquerque, Rui & Rebelo, Sergio, 2000.
"On the dynamics of trade reform,"
Journal of International Economics, Elsevier, vol. 51(1), pages 21-47, June.
- Rui Albuquerque & Sergio Rebelo, 1998. "On the Dynamics of Trade Reform," NBER Working Papers 6700, National Bureau of Economic Research, Inc.
- Dornbusch, Rudiger, 1982. "Stabilization policies in developing countries: What have we learned?," World Development, Elsevier, vol. 10(9), pages 701-708, September.
- Greenwood, Jeremy & Hercowitz, Zvi & Huffman, Gregory W, 1988. "Investment, Capacity Utilization, and the Real Business Cycle," American Economic Review, American Economic Association, vol. 78(3), pages 402-417, June.
- Patrick J. Kehoe & Timothy J. Kehoe, 1994. "A primer on static applied general equilibrium models," Quarterly Review, Federal Reserve Bank of Minneapolis, vol. 18(Spr), pages 2-16.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Enrique G. Mendoza & Martin Uribe, 1999. "Devaluation Risk and the Syndrome of Exchange-Rate-Based Stabilizations," NBER Working Papers 7014, National Bureau of Economic Research, Inc.
- Calvo, Guillermo A. & Vegh, Carlos A., 1999.
"Inflation stabilization and bop crises in developing countries,"
Handbook of Macroeconomics, in: J. B. Taylor & M. Woodford (ed.), Handbook of Macroeconomics, edition 1, volume 1, chapter 24, pages 1531-1614,
Elsevier.
- Guillermo A. Calvo & Carlos A. Vegh, 1999. "Inflation Stabilization and BOP Crises in Developing Countries," NBER Working Papers 6925, National Bureau of Economic Research, Inc.
- Piersanti, Giovanni, 2012. "The Macroeconomic Theory of Exchange Rate Crises," OUP Catalogue, Oxford University Press, number 9780199653126.
- Reinhart, Carmen & Vegh, Carlos, 1994.
"Inflation stabilization in chronic inflation countries: The empirical evidence,"
MPRA Paper
13689, University Library of Munich, Germany.
- Reinhart, Carmen & Vegh, Carlos, 1999. "Do Exchange Rate-Based Stabilizations Carry the Seeds of Their Own Destruction?," MPRA Paper 8952, University Library of Munich, Germany.
- Reinhart, Carmen & Vegh, Carlos, 1994. "Intertemporal consumption substitution and inflation stabilization:An empirical investigation," MPRA Paper 13427, University Library of Munich, Germany.
- Özlem Aytaç, 2017. "Exchange Rate-Based Stabilizations: A Literature Review," Journal of Economic Surveys, Wiley Blackwell, vol. 31(3), pages 815-830, July.
- Enrique G. Mendoza & Martin Uribe, 1999. "The Business Cycles of Balance-of-Payment Crises: A Revision of Mundellan Framework," NBER Working Papers 7045, National Bureau of Economic Research, Inc.
- Martin Uribe, 1996. "The Tequila effect: theory and evidence from Argentina," International Finance Discussion Papers 552, Board of Governors of the Federal Reserve System (U.S.).
- Sergio Rebelo & Carlos A. Végh, 1995.
"Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories,"
NBER Chapters, in: NBER Macroeconomics Annual 1995, Volume 10, pages 125-188,
National Bureau of Economic Research, Inc.
- Rebelo, S. & Vegh, C.A., 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," RCER Working Papers 405, University of Rochester - Center for Economic Research (RCER).
- Sergio Rebelo & Carlos A. Vegh, 1995. "Real Effects of Exchange Rate-Based Stabilization: An Analysis of Competing Theories," NBER Working Papers 5197, National Bureau of Economic Research, Inc.
- Rebelo, Sérgio, 1995. "Real Effects of Exchange-Rate-Based Stabilization: An Analysis of Competing Theories," CEPR Discussion Papers 1220, C.E.P.R. Discussion Papers.
- Lahiri, Amartya, 2001.
"Exchange rate based stabilizations under real frictions: The role of endogenous labor supply,"
Journal of Economic Dynamics and Control, Elsevier, vol. 25(8), pages 1157-1177, August.
- Amartya Lahiri, 1996. "Exchange Rate Based Stabilizations Under Real Frictions: The role of endagenous labor supply," UCLA Economics Working Papers 759, UCLA Department of Economics.
- Reinhart, Carmen M. & Vegh, Carlos A., 1995.
"Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination,"
Journal of Development Economics, Elsevier, vol. 46(2), pages 357-378, April.
- Reinhart, Carmen & Vegh, Carlos, 1995. "Nominal interest rates, consumption booms, and lack of credibility: A quantitative examination," MPRA Paper 13898, University Library of Munich, Germany.
- Ahmet Faruk Aysan, 2006.
"Distributional Effects of Boom-Bust Cycles in Developing Countries with FinancialFrictions,"
Working Papers
2006/10, Bogazici University, Department of Economics.
- Aysan, Ahmet Faruk, 2006. "Distributional Effects of Boom-Bust Cycles in Developing Countries with Financial Frictions," MPRA Paper 5484, University Library of Munich, Germany.
- Lahiri, Amartya, 2000. "Disinflation programs under policy uncertainty," Journal of International Economics, Elsevier, vol. 50(2), pages 351-373, April.
- Uribe, Martin, 1997.
"Exchange-rate-based inflation stabilization: The initial real effects of credible plans,"
Journal of Monetary Economics, Elsevier, vol. 39(2), pages 197-221, July.
- Martin Uribe, 1995. "Exchange-rate based inflation stabilization: the initial real effects of credible plans," International Finance Discussion Papers 503, Board of Governors of the Federal Reserve System (U.S.).
- Kolver Hernandez, 2004.
"State-Dependent Nominal Rigidities & Disinflation Programs in Small Open Economies,"
Macroeconomics
0411021, University Library of Munich, Germany.
- Kolver Hernandez, 2006. "State-Dependent Nominal Rigidities & Disinflation Programs in Small Open Economies," Working Papers 06-13, University of Delaware, Department of Economics.
- Enrique G. Mendoza & Martin Uribe, 1998. "The business cycles of currency speculation: a revision of the Mundellian framework," International Finance Discussion Papers 617, Board of Governors of the Federal Reserve System (U.S.).
- Amartya Lahiri, 1996. "Disinflation Programs Under Policy Uncertainty: Insights for Exchange-Rate-Based Stabilization Programs," UCLA Economics Working Papers 761, UCLA Department of Economics.
- Ozlem Aytac, 2008. "A Model of Exchange-Rate-Based Stabilization for Turkey," Caepr Working Papers 2008-001, Center for Applied Economics and Policy Research, Economics Department, Indiana University Bloomington.
- De Gregorio, Jose & Guidotti, Pablo E & Vegh, Carlos A, 1998.
"Inflation Stabilisation and the Consumption of Durable Goods,"
Economic Journal, Royal Economic Society, vol. 108(446), pages 105-131, January.
- José De Gregorio & Pablo E. Guidotti & Carlos A. Végh, 1998. "Inflation Stabilization and the Consumption of Durable Goods," Documentos de Trabajo 26, Centro de Economía Aplicada, Universidad de Chile.
- Venegas-Martinez, Francisco, 2001. "Temporary stabilization: A stochastic analysis," Journal of Economic Dynamics and Control, Elsevier, vol. 25(9), pages 1429-1449, September.
- Francisco Venegas-Martinez, 2006. "Impacto de una Politica Fiscal incierta y del riesgo cambiario en estrategias de estabilizacion de precios," EconoQuantum, Revista de Economia y Negocios, Universidad de Guadalajara, Centro Universitario de Ciencias Economico Administrativas, Departamento de Metodos Cuantitativos y Maestria en Economia., vol. 2(2), pages 3-33, Enero-Jun.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:eee:crcspp:v:53:y:2000:i:1:p:239-296. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Catherine Liu (email available below). General contact details of provider: http://www.elsevier.com/locate/jme .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.