Arbeitspapier

Default, Electoral Uncertainty and the Choice of Exchange Regime

to connected objects

The paper explores the interaction between debt crises and devaluation. Since the optimal level of devaluation in a crisis depends on the level of debt that has to be serviced, a default makes a devaluation less likely. Expected devaluation depends thus on expectations about default which is also a function of the type of policymaker. Therefore, the decision to devalue can be forced upon the government by adverse expectations about default and the type of policymaker in office. I also explore how these uncertainties affect the policymaker's choice of exchange rate regime.

Language: Englisch

Bibliographic citation: Series: HWWA Discussion Paper ; No. 298

Classification: Wirtschaft
International Lending and Debt Problems
International Monetary Arrangements and Institutions

Subject: debt crisis
currency crisis
exchange rate regime
Finanzmarktkrise
Auslandsverschuldung
Zahlungsunfähigkeit
Wechselkurssystem
Public Choice
Währungskrise
Theorie

Event: Geistige Schöpfung

(who): Hefeker, Carsten

Event: Veröffentlichung

(who): Hamburg Institute of International Economics (HWWA)

(where): Hamburg

(when): 2004

Handle: http://hdl.handle.net/10419/19270

Last update: 10.03.2025, 11:43 AM CET

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Object type

Arbeitspapier

Associated

Hefeker, Carsten
Hamburg Institute of International Economics (HWWA)

Time of origin

2004

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