Balance of Payments Crises Under Inflation Targeting

Michael Kumhof, Shujing Li and Kit Ming Yan

Working Papers from Stanford University, Department of Economics

Abstract: July 2000 (Revised)

The paper analyzes an open economy where fiscal deficits are incompatible with an inflation target, ultimately leading to a speculative attack. There are two differences to the exchange rate targeting case: (i) The attack takes place over a short period of time as opposed to instantaneously. (ii) Reserve losses attributable to the attack are smaller, and increasing in the share of tradable goods in total consumption. Keywords: intellectual property rights, copyright, sui generis protection of expressive material, economics of information-goods, open science, "fair use," scientific databases.

JEL Classification: H4, K39, O31, O34 -->

Keywords: intellectual property rights; copyright; sui generis protection of expressive material; economics of information-goods; open science (search for similar items in EconPapers)
JEL-codes: H4 K39 O31 O34 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-ifn
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Related works:
Journal Article: Balance of payments crises under inflation targeting (2007)
Working Paper: Balance of Payments Crises Under Inflation Targeting (2007)
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