A corporate balance-sheet approach to currency crises

Abstract

This paper presents a general equilibrium currency crisis model of the ’third generation’, in which the possibility of currency crises is driven by the interplay between private Þrms’ credit-constraints and nominal price rigidities. Despite our emphasis on microfoundations, the model remains sufficiently simple that the policy analysis can be conducted… (More)
DOI: 10.1016/j.jet.2003.06.004

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