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| Author: | Cavallari, L. Corsetti, G. |
| Title: | Shadow rates and multiple equilibria in the theory of currency crises |
| Journal: | Journal of International Economics
2000 : AUG, VOL. 51:2, p. 275-286 |
| Index terms: | Currency Currency markets Exchange rates |
| Language: | eng |
| Abstract: | This note generalizes to second generation models of currency crises the arbitrage-based approach. Using the 'shadow rate', the authors provide and discuss an example of a common mechanism generating multiple equilibria in both first and second generation models. |
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