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政大機構典藏 > 商學院 > 金融學系 > 期刊論文 > Item 140.119/73956

Please use this identifier to cite or link to this item: https://nccur.lib.nccu.edu.tw/handle/140.119/73956

Title:	Why Are Crisis-Induced Devaluations Contractionary? Exploring Alternative Hypotheses
Authors:	Shen, Chung-Hua;Rajan, Ramkishen S. 沈中華
Contributors:	金融系
Keywords:	Capital flows;Currency crisis;Contractionary devaluation;Speculative attack
Date:	2006
Issue Date:	2015-03-23 18:12:38 (UTC+8)
Abstract:	Why are some currency crises followed by economic contractions while others are not? This paper is an attempt at answering this query. In particular, we investigate two closely related questions. First, we explore whether there is a difference in the output effects of a devaluation during “normal” periods versus crises ones; after all, during non-crisis periods, real exchange devaluation is seen as an important policy option for promoting exports and output growth. Yet, the literature has not made a distinction between crisis and non-crisis periods. To preview the main conclusion, we find that the contractionary effects tend to exist only during the crisis period. Building on this, we go on to explore the factors that cause a crisis-induced devaluation to be contractionary.
Relation:	Journal of Economic Integration, 2006, vol. 21, pages 526-550
Data Type:	article
Appears in Collections:	[金融學系] 期刊論文

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