The balance of payments and borrowing constraints: An alternative view of the Mexican crisis

• 成果类型: Article; Proceedings Paper
• 署名作者: Atkeson, A; RiosRull, JV
• 署名单位: National Bureau of Economic Research; Federal Reserve System - USA; Federal Reserve Bank - Minneapolis
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(96)01440-7
• 发表日期: 1996
• 页码: 331-349
• 关键词: balance of payments; Speculative attacks; international borrowing; exchange rate crises

摘要

In this paper we develop a model in which a country faces a balance of payments crisis if constraints on its international borrowing bind. We use the model to describe the dynamics of the trade balance, capital account, and balance of payments of a country that borrows to finance consumption following sweeping macroeconomic and structural reforms and then hits constraints on its international borrowing. We compare the predictions of this theoretical example with events in Mexico from 1987 through 1995.