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Managing New-Style Currency Crises: The Swan Diagram Approach Revisited

Ramkishen Rajan ()

SCAPE Policy Research Working Paper Series from National University of Singapore, Department of Economics, SCAPE

Abstract: The new-style currency crises that have inflicted a number of developing and emerging economies of late are characterized by sudden stops in capital inflows and adverse balance sheet effects. Given the potential high costs of these crises, there remains an ongoing debate on how they might best be managed when they do arise. This paper argues that the age-old Swan diagram, appropriately modified, is able to provide useful insights into how a country might manage a new-style crisis via a combination of adjustment (which involves expenditure switching and reducing polices) and financing.

Keywords: Adjustment; Expenditure Reducing; Expenditure Switching; Financing; Internal balance; External balance; Swan diagram (search for similar items in EconPapers)
Date: 2006-01
New Economics Papers: this item is included in nep-fmk
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http://www.fas.nus.edu.sg/ecs/pub/wp-scape/0517.pdf (application/pdf)

Related works:
Journal Article: Managing new-style currency crises: the swan diagram approach revisited (2007) Downloads
Working Paper: MANAGING NEW-STYLE CURRENCY CRISES: THE SWAN DIAGRAM APPROACH REVISITED (2005) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:sca:scaewp:0517

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