Economic Policy in the International Economy by Elhanan Helpman, Efraim Sadka

By Elhanan Helpman, Efraim Sadka

This ebook includes fifteen significant essays on foreign economics. The authors examine 5 crucial subject matters: concept and empirics of economic matters in open economies; fiscal development; public economies; and political economic system. Written to honor Professor Assaf Razin of Tel Aviv and Cornell Universities at the get together of his 60th birthday, the essays pay shut recognition to coverage matters in addition to formal research. The individuals comprise well known experts in foreign economics dependent in North the US, Europe, Israel, and China. This quantity of state-of-the-art study could be of curiosity to students, coverage makers, and complicated scholars alike.

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Defending Fixed Exchange Rates 43 Does it mean then that self-fulfilling attacks on currency boards can never occur? Under the classical currency board, the monetary base (M0 ) is fully backed by foreign reserves so that its convertibility is guaranteed. Coupled with a fractional reserve banking system with a money multiplier larger than unity, however, convertibility of the money supply (M1 and M2 ) is not similarly assured. This suggests that if a currency crisis should ever occur due to internal drains (rather than or in addition to external attacks), it will be accompanied by bank runs.

1. Macroeconomic equilibrium in an open economy: the normal case all the points at which, given (2), the domestic and foreign interest rates are equal. Meanwhile, the curve GG shows how output is determined given the exchange rate; it is upward-sloping because depreciation increases net exports and therefore stimulates the economy. To turn this into a model that can yield crises, all we need to do is add a strong balance sheet effect from currency depreciation. Suppose, then, that many firms are highly leveraged, that a substantial part of their debt is denominated in foreign currency, and that under some circumstances their investment will be constrained by their balance sheets.

Intellectually, I hope so. But as someone who actually has to live in the world economy, I hope this modeling approach is irrelevant. , P. Bacchetta, and A. ” Bernanke, B. and M. Gertler (1989), “Agency costs, net worth, and economic fluctuations,” American Economic Review 79: 14–31. Chang, Roberto and Andres Velasco (1998a), “Financial Crises in Emerging Markets: A Canonical Model,” NBER Working Paper No. 6606, June. Chang, Roberto and Andres Velasco (1998b) “The Asian Liquidity Crisis,” NBER Working Paper No.

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