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The Third Generation Approach to Currency Crises

Phillippe Aghion and Abhijit Banerjee

in Volatility and Growth

Published in print:
2005
Published Online:
January 2007
ISBN:
9780199248612
eISBN:
9780191714719
Item type:
chapter
Publisher:
Oxford University Press
DOI:
10.1093/acprof:oso/9780199248612.003.0007
Subject:
Economics and Finance, Development, Growth, and Environmental

This chapter presents a highly stylized model, based on limited access to credit that can explain why an economy that is carrying a large amount of foreign currency debt might be vulnerable to ... More


Original Sin, Balance-Sheet Crises, and the Roles of International Lending

Olivier Jeanne and Jeromin Zettelmeyer (eds)

in Other People's Money: Debt Denomination and Financial Instability in Emerging Market Economies

Published in print:
2005
Published Online:
February 2013
ISBN:
9780226194554
eISBN:
9780226194578
Item type:
chapter
Publisher:
University of Chicago Press
DOI:
10.7208/chicago/9780226194578.003.0005
Subject:
Economics and Finance, International

This chapter explains the role of international lending in the context of the “balance-sheet approach” to financial crises. The general consensus that foreign-currency debt is problematic masks a ... More


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