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| Author: | Disyatat, P. |
| Title: | Currency crises and the real economy: The role of banks |
| Journal: | European Economic Review
2004 : FEB, VOL. 48:1, p. 75-90 |
| Index terms: | Banking Currency Crises Debt Balance sheets Models |
| Language: | eng |
| Abstract: | This paper attempts to explain the divergent output effects of currency crises through a very simple and intuitive model that relates the effects of devaluation not only to the financial fragility of banks, but also to the degree of financial market imperfection. The model shows that countries with higher degrees of financial market imperfection and/or a banking sector whose balance sheets are weak are much more likely to suffer a contraction in the wake of a currency crisis. |
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