Risultati della ricerca
Creator: Atkeson, Andrew and Ríos-Rull, José-Víctor Series: Staff report (Federal Reserve Bank of Minneapolis. Research Department) Number: 212 Abstract:
In this paper we develop a model in which a country faces a balance of payments crisis if constraints on its international borrowing bind. We use the model to describe the dynamics of the trade balance, capital account, and balance of payments of a country that borrows to finance consumption following sweeping macroeconomic and structural reforms and then hits constraints on its international borrowing. We compare the predictions of this theoretical example with events in Mexico from 1987 through 1995.
Parola chiave: Balance of payments, Speculative attacks, International borrowing, and Exchange rate crises Soggetto: F34 - International Lending and Debt Problems and F31 - Foreign Exchange