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Exchange rates and financial fragility

Author: Barry J Eichengreen; Ricardo Hausmann; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©1999.
Series: Working paper series (National Bureau of Economic Research), working paper no. 7418.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: In this paper we analyze three views of the relationship between the exchange rate and financial fragility: (1) the moral hazard hypothesis, according to which pegged exchange rates offer implicit insurance against exchange risk and thereby encourage reckless borrowing and lending; (2) the original sin hypothesis, which emphasizes an incompleteness in financial markets which prevents the domestic currency  Read more...
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Additional Physical Format: Print version:
Eichengreen, Barry J.
Exchange rates and financial fragility.
Cambridge, MA : National Bureau of Economic Research, ©1999
(OCoLC)42996912
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Barry J Eichengreen; Ricardo Hausmann; National Bureau of Economic Research.
OCLC Number: 70121554
Notes: "November 1999."
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (52, [2] pages) : illustrations.
Details: Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 7418.
Responsibility: Barry Eichengreen, Ricardo Hausmann.

Abstract:

Abstract: In this paper we analyze three views of the relationship between the exchange rate and financial fragility: (1) the moral hazard hypothesis, according to which pegged exchange rates offer implicit insurance against exchange risk and thereby encourage reckless borrowing and lending; (2) the original sin hypothesis, which emphasizes an incompleteness in financial markets which prevents the domestic currency from being used to borrow abroad or to borrow long term even domestically; and (3) the commitment problem hypothesis, which sees financial crises as resulting from neither moral hazard nor original sin but from the weakness of the institutions that address commitment problems. We examine the evidence on these hypotheses and draw out their implications for exchange-rate policy in emerging markets.

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