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http://hdl.handle.net/10419/64067
  

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dc.contributor.authorAkca, Ozdenen_US
dc.date.accessioned2012-09-21T11:54:50Z-
dc.date.available2012-09-21T11:54:50Z-
dc.date.issued2011en_US
dc.identifier.urihttp://hdl.handle.net/10419/64067-
dc.description.abstractForeign currency denominated debt as an influence of exchange rate pressure during the 2008 global crisis is explored across 58 countries. Countries with higher ratios of foreign currency denominated debt to total international debt experienced significant currency depreciation during the global crisis. Predicted values of foreign currency denominated indebtedness are obtained based on country characteristics by employing a double censored tobit model estimation technique. Comparison of actual to predicted values just prior to the crisis demonstrates whether or not countries are over-indebted. According to our analysis, over-indebted countries experienced higher rates of exchange rate depreciation in the global crisis of 2008. Additionally, oil exporters, countries with strong financial linkages with the US and net importers experienced significant depreciation. International reserve accumulation before the crisis is associated with currency appreciation during the crisis. However, this result is insignificantly estimated.en_US
dc.language.isoengen_US
dc.publisherSanta Cruz Inst. for International Economics Santa Cruz, Calif.en_US
dc.relation.ispartofseriesWorking Papers, Santa Cruz Institute for International Economics 11-01en_US
dc.subject.jelF31en_US
dc.subject.jelF34en_US
dc.subject.jelF41en_US
dc.subject.jelG10en_US
dc.subject.jelG15en_US
dc.subject.ddc330en_US
dc.subject.keyword2008 Global Crisisen_US
dc.subject.keywordExchange Rate Pressureen_US
dc.subject.keywordForeign Currency Denominated Debten_US
dc.subject.keywordOver-indebtednessen_US
dc.subject.keywordDouble Censored Tobit Modelen_US
dc.title2008 global crisis: Is foreign currency denominated debt an important indicator?en_US
dc.typeWorking Paperen_US
dc.identifier.ppn655708871en_US
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen_US
Appears in Collections:Working Papers, Santa Cruz Institute for International Economics, UC Santa Cruz

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