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Autor:innen: 
Hefeker, Carsten
Datum: 
2004
Schriftenreihe/Nr.: 
HWWA Discussion Paper No. 298
Verlag: 
Hamburg Institute of International Economics (HWWA), Hamburg
Zusammenfassung: 
The paper explores the interaction between debt crises and devaluation. Since the optimal level of devaluation in a crisis depends on the level of debt that has to be serviced, a default makes a devaluation less likely. Expected devaluation depends thus on expectations about default which is also a function of the type of policymaker. Therefore, the decision to devalue can be forced upon the government by adverse expectations about default and the type of policymaker in office. I also explore how these uncertainties affect the policymaker's choice of exchange rate regime.
Schlagwörter: 
debt crisis
currency crisis
exchange rate regime
JEL: 
F34
F33
Dokumentart: 
Working Paper

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