发帖
雷达卡
| Abstract |
In this paperwe analyze three views of the relationship between the exchange rateand financial fragility: (1) the moral hazard hypothesis, according towhich pegged exchange rates offer implicit insurance against exchangerisk and thereby encourage reckless borrowing and lending; (2) theoriginal sin hypothesis, which emphasizes an incompleteness infinancial markets which prevents the domestic currency from being usedto borrow abroad or to borrow long term even domestically; and (3) thecommitment problem hypothesis, which sees financial crises as resultingfrom neither moral hazard nor original sin but from the weakness of theinstitutions that address commitment problems. We examine the evidenceon these hypotheses and draw out their implications for exchange-ratepolicy in emerging markets.
京公网安备 11010802022788号
