Currency boards and currency Crises.
This paper demonstrates how a currency board can become vulnerable to a crisis in which the policymaker is forced to devalue. The model is built from two blocks: first, incomplete information about the devaluation cost faced by the policymaker; and second, unemployment persistence. Incomplete inform...
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| Format: | Working paper |
| Language: | English |
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Department of Economics (University of Oxford)
2001
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