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dc.contributor.authorAkca, Ozdenen
dc.date.accessioned2012-09-21T11:54:50Z-
dc.date.available2012-09-21T11:54:50Z-
dc.date.issued2011-
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
dc.language.isoengen
dc.publisher|aUniversity of California, Santa Cruz Institute for International Economics (SCIIE) |cSanta Cruz, CAen
dc.relation.ispartofseries|aWorking Paper |x11-01en
dc.subject.jelF31en
dc.subject.jelF34en
dc.subject.jelF41en
dc.subject.jelG10en
dc.subject.jelG15en
dc.subject.ddc330en
dc.subject.keyword2008 Global Crisisen
dc.subject.keywordExchange Rate Pressureen
dc.subject.keywordForeign Currency Denominated Debten
dc.subject.keywordOver-indebtednessen
dc.subject.keywordDouble Censored Tobit Modelen
dc.title2008 global crisis: Is foreign currency denominated debt an important indicator?-
dc.typeWorking Paperen
dc.identifier.ppn655708871en
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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