Désindustrialisation et crise financière dans une économie émergente

Yannick Kalantzis

Revue économique, 2005, vol. 56, issue 3, 777-785

Abstract: We study the effect of capital account liberalization using the model of a small open economy with two sectors. Capital inflows lead to a real appreciation in the short run and to a displacement of production toward non-tradable goods in the long run. We show to what condition this deindustrialization can lead to financial fragility by making self-fulfilling financial crises possible.

Date: 2005
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