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Title:An iron law of currency crisis : the divergence of the nominal and the real exchange rate and increasing current account deficits PDF Logo
Authors:Siebert, Horst
Issue Date:2002
Series/Report no.:Kieler Arbeitspapiere 1106
Abstract:The currency crises of the 1990s all exhibit a divergence of the nominal and the real exchange rate together with an increase in the negative current account. The nominal rate does not reflect inflation differences fully and the ensuing real appreciation leads to a negative current account. This pattern holds for the Czech, the Mexican, Brazilian, Argentinian as well as the South Korean currency crises. It seems to be an iron law of currency crises.
Subjects:currency crisis
real exchange rate
devaluation
JEL:E0
F3
Document Type:Working Paper
Appears in Collections:Publikationen von Forscherinnen und Forschern des IfW
Kieler Arbeitspapiere, IfW

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