Intertemporal Choice and Currency Crises

Betty Daniel ()

Discussion Papers from University at Albany, SUNY, Department of Economics

Abstract: Exchange rate crises, in the absence of sustained monetary-financed fiscal deficits, can be explained with the neoclassical model. The characteristics of a crisis depend on the source of the shock and the government's response to it. Careful attention to intertemporal budget constraints highlights the role of exchange rate changes in reallocating public and private wealth and restoring equilibrium.

Date: 1998
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