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Financial Fragility and the Exchange Rate Regime

Roberto Chang () and A. Velasco

Working Papers from C.V. Starr Center for Applied Economics, New York University

Abstract: We study financial fragility, exchange rate crisis and monetary policy in an open economy model in which banks are maturity transformers as in Diamond-Dybvig. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism intended to maximize social welfare; if the mechanism fails, banking crises and speculative attacks become possible.

Keywords: EXCHANGE RATE; CURRENCIES (search for similar items in EconPapers)
JEL-codes: E5 F3 G2 (search for similar items in EconPapers)
Pages: 37 pages
Date: 1998
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Journal Article: Financial Fragility and the Exchange Rate Regime (2000) Downloads
Working Paper: Financial Fragility and the Exchange Rate Regime (1998) Downloads
Working Paper: Financial fragility and the exchange rate regime (1997) Downloads
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