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Autor:innen: 
Erscheinungsjahr: 
2002
Schriftenreihe/Nr.: 
Nota di Lavoro No. 17.2002
Verlag: 
Fondazione Eni Enrico Mattei (FEEM), Milano
Zusammenfassung: 
This paper investigates the consequences of the currency devaluation, both in levels and rates, on the balance of payments in a cash-in-advance economy with finite horizons, endogenous capital accumulation and international capital immobility. In this context, a once and for all currency devaluation induces a balance of payments surplus, whereas a sustained increase in the rate of devaluation produces, in principle, an ambiguous effect on the balance of payments. If however non-restrictive assumptions on some structural parameters are made, an increase in the devaluation rate leads to a balance of payments surplus, the exact opposite of Calvo's result (1981).
Schlagwörter: 
Devaluation
balance of payments
cash-in-advance constraint
overlapping generations
JEL: 
E21
E62
Dokumentart: 
Working Paper

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