作者：Dooley, MP
作者单位：University of California System; University of California Santa Cruz
摘要：This paper presents a perfect foresight model of speculative attacks on emerging markets. Credit constrained governments are assumed to have two objectives: to accumulate liquid assets in order to self-insure against shocks to national consumption and to insure poorly regulated domestic financial markets. This policy regime generates endogenous fiscal deficits defined to include the growth of contingent liabilities. The model sets our a sequence of yield differentials consistent with capital i...
