Debt deleveraging and the exchange rate

被引：27

作者：

Benigno, Pierpaolo ^{[1
,2
]}

Romei, Federica ^{[1
]}

机构：

[1] LUISS Guido Carli, I-00197 Rome, Italy

[2] EIEF, Rome, Italy

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 2014年 / 93卷 / 01期

基金：

欧洲研究理事会;

关键词：

Current account adjustment; Liquidity trap; Debt deleveraging; Exchange rate; MONETARY-POLICY; LIQUIDITY TRAP; ECONOMY; CRISES;

D O I：

10.1016/j.jinteco.2014.03.001

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

Deleveraging from high debt can provoke deep recession with significant international side effects. Swings in the nominal exchange rate and large variations in consumption, output, and terms of trade can happen during the adjustment. All these movements are inefficient and interesting trade-offs emerge from the perspective of global welfare. The optimal adjustment to global imbalances should not necessarily require large movements in the nominal exchange rate. A global liquidity trap can be desirable when countries are more open to trade. (C) 2014 Elsevier B.V. All rights reserved.

引用

页码：1 / 16

页数：16

共 32 条

[1] Currency crises and monetary policy in an economy with credit constraints [J].