Konferenzbeitrag

Default, Electoral Uncertainty and the Choice of Exchange Regime

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.

Sprache: Englisch

Erschienen in: Series: Proceedings of the German Development Economics Conference, Göttingen 2007 ; No. 13

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

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

Ereignis: Geistige Schöpfung

(wer): Hefeker, Carsten

Ereignis: Veröffentlichung

(wer): Verein für Socialpolitik, Ausschuss für Entwicklungsländer

(wo): Göttingen

(wann): 2007

Handle: http://hdl.handle.net/10419/19869

Letzte Aktualisierung: 10.03.2025, 11:43 MEZ

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Konferenzbeitrag

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Hefeker, Carsten
Verein für Socialpolitik, Ausschuss für Entwicklungsländer

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2007

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Default, Electoral Uncertainty and the Choice of Exchange Regime

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