haku: @indexterm exchange rates / yhteensä: 1242
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Tekijä: | AgĂ©nor, P-R. |
Otsikko: | Market sentiment and macroeconomic fluctuation under pegged exchange rates |
Lehti: | Economica
2006 : NOV, VOL. 73:292, p. 579-604 |
Asiasana: | crises exchange rates financial markets interest rates |
Kieli: | eng |
Tiivistelmä: | The effects of an adverse change in market sentiment are studied in an intertemporal optimizing framework with imperfect capital mobility. It is defined as a temporary increase in the premium faced by domestic borrowers on world financial markets. This paper explorer the shock that leads to a rise in domestic interest rates, capital outflows and a drop in official reserves, a reduction in bank deposits and loans, a contraction in output, and an increase in unemployment. |
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