Arbeitspapier
Devaluation (levels versus rates) and balance of payments in a cash-in-advance economy
This paper investigates the consequences of the currency devaluation, both in levels and rates, on the balance of payments in a cash-in-advance economy with finite horizons, endogenous capital accumulation and international capital immobility. In this context, a once and for all currency devaluation induces a balance of payments surplus, whereas a sustained increase in the rate of devaluation produces, in principle, an ambiguous effect on the balance of payments. If however non-restrictive assumptions on some structural parameters are made, an increase in the devaluation rate leads to a balance of payments surplus, the exact opposite of Calvo's result (1981).
- Sprache
-
Englisch
- Erschienen in
-
Series: Nota di Lavoro ; No. 17.2002
- Klassifikation
-
Wirtschaft
Macroeconomics: Consumption; Saving; Wealth
Fiscal Policy
- Thema
-
Devaluation
balance of payments
cash-in-advance constraint
overlapping generations
Abwertung
Zahlungsbilanz
Cash-in-Advance-Restriktion
Kleine offene Volkswirtschaft
Theorie
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Petrucci, Alberto
- Ereignis
-
Veröffentlichung
- (wer)
-
Fondazione Eni Enrico Mattei (FEEM)
- (wo)
-
Milano
- (wann)
-
2002
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
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Objekttyp
- Arbeitspapier
Beteiligte
- Petrucci, Alberto
- Fondazione Eni Enrico Mattei (FEEM)
Entstanden
- 2002
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