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政大典藏 > College of Commerce > Department of Money and Banking > Periodical Articles > Item 140.119/73965

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/73965

Title:	Are crisis-induced devaluations contractionary?
Authors:	Shen, Chung-Hua;Rajan, Ramkishen S. 沈中華
Contributors:	金融系
Keywords:	capital flows;currency crisis;contraction devaluation
Date:	2002
Issue Date:	2015-03-23 18:20:25 (UTC+8)
Abstract:	Why are some currency crises followed by economic contractions while others are not? This paper is an attempt at answering this query. In particular, we investigate two closely related questions. First, we explore whether there is a difference in the output effects of a devaluation during “normal” periods versus crises ones; after all, during noncrisis periods, real exchange devaluation is seen as an important policy option for promoting exports and output growth. Yet, the literature has not made a distinction between crisis and noncrisis periods. To preview the main conclusion, we find that the contractionary effects tend to exist only during the crisis period. Building on this, we go one to explore the factors that cause a crisis-induced devaluation to be contractionary.
Relation:	SSRN Electronic Journal, CIES Working Paper No. 0135.
Data Type:	article
DOI link:	http://dx.doi.org/10.2139/ssrn.295499
DOI:	10.2139/ssrn.295499
Appears in Collections:	[Department of Money and Banking] Periodical Articles

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