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Controlling Currency Mismatches in Emerging Markets (Paperback)
Loot Price: R523
Discovery Miles 5 230
You Save: R86
(14%)
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Controlling Currency Mismatches in Emerging Markets (Paperback)
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List price R609
Loot Price R523
Discovery Miles 5 230
You Save R86 (14%)
Expected to ship within 12 - 17 working days
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In most of the currency crises of the 1990s, the largest output
falls have occurred in those emerging economies with large currency
mismatches, a phenomenon that occurs when assets and liabilities
are denominated in different currencies such that net worth is
sensitive to changes in the exchange rate. Currency mismatching
makes crisis management much more difficult since it constrains the
willingness of the monetary authority to reduce interest rates in a
recession (for fear of initiating a large fall in the currency that
would bring with it large-scale insolvencies). The mismatching also
produces a "fear of floating" on the part of emerging economies,
sometimes inducing them to make currency-regime choices that are
not in their own long-term interest. Morris Goldstein and Philip
Turner summarize what is known about the origins of currency
mismatching in emerging economies, discuss how best to define and
measure currency mismatching, and review policy options for
reducing the size of the problem.
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