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| Tekijä: | Daniel, B. C. |
| Otsikko: | A fiscal theory of currency crises |
| Lehti: | International Economic Review
2001 : NOV, VOL. 42:4, p. 969-988 |
| Asiasana: | Fiscal policy Financial crises Currency markets |
| Kieli: | eng |
| Tiivistelmä: | An exchange rate crisis is caused when the fiscal authority lets the present value of primary surpluses, inclusive of seigniorage, deviate from the value of government debt at the pegged exchange rate. In the absence of long-term government bonds, the exchange rate collapse must be instanteous. With longterm government bonds, the collapse can be delayed at the discretion of the monetary authority. |
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