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    题名: A model of the interactions between asset prices bubble bursts and twin crises
    作者: Liang,J. G.;Mao,W. L.;Yeh,C. C.
    贡献者: 政大經濟系
    关键词: Twin crises;Bursting bubble;Self-fulfilling prophecy
    日期: 2012-03
    上传时间: 2013-09-16 17:29:31 (UTC+8)
    摘要: This study develops a model to analyze the Interactions between twin crises—the banking crisis and the currency crisis—and their coincidence with the asset prices bubble bursts. Results show that the origin of both crises comes from agents worrying about the upcoming asset prices bubble bursts when bad economic fundamentals are announced. There are multiple equilibria crises in both two systems. Twin crises are caused by deteriorated fundamentals and fundamental-driven self-fulfilling prophecy. Our model offers some policy implications. First, it is unable to prevent twin crises by suspending deposit convertibility, full deposit insurance and financial dollarization. Second, suspension of currency convertibility can prevent a currency crisis, but not a banking crisis. However, the effect of lender of last resort is ambiguous. Finally, strict risk supervision and minimum capital requirements each can curtail twin crises.
    關聯: Journal of Information & Optimization Sciences, 33(2/3), 273-294
    数据类型: article
    DOI 連結: http://dx.doi.org/10.1080/02522667.2012.10700147
    DOI: 10.1080/02522667.2012.10700147
    显示于类别:[經濟學系] 期刊論文

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