Structural vulnerability and resilience to currency crisis: Foreign currency debt versus export

Nakatani Ryota

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Structural vulnerability and resilience to currency crisis: Foreign currency debt versus export

机译：结构脆弱性和抵御货币危机的能力：外币债务与出口

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Is there any factor that is not analyzed in the literature but is important for preventing currency crises? I argue that exports are an important factor to prevent currency crises that has not been frequently analyzed in the existing theoretical literature. Using the third generation model of currency crises, I derive a simple and intuitive formula that captures an economy's structural vulnerability characterized by the elasticity of exports and repayments for foreign currency denominated debt. I graphically show that the possibility of currency crisis equilibrium depends on this structural vulnerability and also analyze how this vulnerability impacts the effectiveness of monetary policy response. (C) 2017 Elsevier Inc. All rights reserved.

机译：是否有任何文献中未分析过但对防止货币危机重要的因素？我认为，出口是防止货币危机的重要因素，而现有理论文献并未对此进行经常分析。使用第三代货币危机模型，我得出了一个简单直观的公式，该公式反映了经济的结构脆弱性，其特征在于出口和以外币计值的债务偿还的弹性。我以图形方式表明货币危机均衡的可能性取决于这种结构性脆弱性，还分析了该脆弱性如何影响货币政策应对的有效性。（C）2017 Elsevier Inc.保留所有权利。

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《The North American journal of economics and finance》 |2017年第11期|132-143|共12页
作者
Nakatani Ryota;
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作者单位

Int Monetary Fund, 700 19th St NW, Washington, DC 20431 USA;

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原文格式 PDF
正文语种 eng
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关键词
Currency crisis; Exports; Foreign currency debt; Monetary policy; Elasticity; Structural vulnerability;

机译：货币危机;出口;外币债务;货币政策;弹性;结构脆弱性;

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Structural vulnerability and resilience to currency crisis: Foreign currency debt versus export

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