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| Tekijä: | Burnside, C. Eichenbaum, M. Rebelo, S. |
| Otsikko: | Hedging and financial fragility in fixed exchange rate regimes |
| Lehti: | European Economic Review
2001 : JUN, VOL. 45:7, p. 1151-1193 |
| Asiasana: | BANKING CRISES CURRENCY EXCHANGE RATES HEDGING |
| Kieli: | eng |
| Tiivistelmä: | Currency crises that coincide with banking crises tend to share at least three elements. First, banks have a currency mismatch between their assets and liabilities. Second, banks do not completely hedge the associated exchange rate risk. Third, there are implicit government guarantees to banks and their foreign creditors. This paper argues that the first two features arise from banks' optimal response to government guarantees. |
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