Capital Flows: Emerging Issues
نویسنده
چکیده
I. Recent Currency Crises A salient fact of Mexico’s and Thailand’s recent currency crises is the active role played by the monetary authority in contributing to the loss of reserves. In both cases, domestic credit showed a sizable increase, driven in part by central bank loans to the financial sector. This stands in sharp contrast with the standard economist’s model in which the proximate cause of a crisis is a sharp contraction in monetary aggregates (Krugman (1979)).
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تاریخ انتشار 1998