Varieties of Capital-Market Crises

Guillermo Calvo

Chapter 7 in The Debt Burden and its Consequences for Monetary Policy, 1998, pp 181-207 from Palgrave Macmillan

Abstract: Abstract ‘It is to be noticed that the position of a country which is preponderantly a creditor in the international short-loan market is quite different from that of a country which is preponderantly a debtor. In the former case, which is that of Great Britain, it is a question of reducing the amount lent; in the latter case it is a question of increasing the amount borrowed. A machinery which is adapted for action of the first kind may be ill suited for action of the second.’ Keynes (1924, p. 18)

Keywords: Exchange Rate; Interest Rate; Central Bank; Switch Time; Current Account Deficit (search for similar items in EconPapers)
Date: 1998
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Related works:
Working Paper: Varieties of Capital-Market Crises (1995)
Working Paper: Varieties of Capital-Market Crises (1995)
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DOI: 10.1007/978-1-349-26077-5_7

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