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    政大機構典藏 > 商學院 > 金融學系 > 期刊論文 >  Item 140.119/73965


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    題名: Are crisis-induced devaluations contractionary?
    作者: Shen, Chung-Hua;Rajan, Ramkishen S.
    沈中華
    貢獻者: 金融系
    關鍵詞: capital flows;currency crisis;contraction devaluation
    日期: 2002
    上傳時間: 2015-03-23 18:20:25 (UTC+8)
    摘要: 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.
    關聯: SSRN Electronic Journal, CIES Working Paper No. 0135.
    資料類型: article
    DOI 連結: http://dx.doi.org/10.2139/ssrn.295499
    DOI: 10.2139/ssrn.295499
    顯示於類別:[金融學系] 期刊論文

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