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Government finance in the wake of currency crises

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Date
2006-04-01
Authors
Burnside, C
Eichenbaum, M
Rebelo, S
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Abstract
We address three questions: (i) Can classical models be reconciled with the fact that many crises are marked by high rates of depreciation and small increases in seignorage revenue? (ii) What are the implications of different financing methods for post-crisis rates of inflation and depreciation? (iii) How do governments pay for the fiscal costs associated with currency crises? To study these questions we use a general equilibrium model in which prospective government deficits trigger a currency crisis. We then use our model in conjunction with fiscal data to interpret government financing in the wake of three recent currency crises: Korea (1997), Mexico (1994) and Turkey (2001). © 2006 Elsevier B.V. All rights reserved.
Type
Journal article
Permalink
https://hdl.handle.net/10161/2078
Published Version (Please cite this version)
10.1016/j.jmoneco.2005.03.012
Publication Info
Burnside, C; Eichenbaum, M; & Rebelo, S (2006). Government finance in the wake of currency crises. Journal of Monetary Economics, 53(3). pp. 401-440. 10.1016/j.jmoneco.2005.03.012. Retrieved from https://hdl.handle.net/10161/2078.
This is constructed from limited available data and may be imprecise. To cite this article, please review & use the official citation provided by the journal.
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