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Growth Effects In a Stochastic Model of Currency Crises
Distinguishing Between Apparently Observationally Equivalent Theories
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assets and liabilities banking crises banking sector Calvo capital account restrictions capital flight capital inflows central bank constraint consumption and investment crisis occurs crisis predictors currency crises debt demand for domestic dependent variable developing countries domestic assets domestic capital domestic credit domestic currency domestic financial sector domestic investment domestic money Dooley empirical endogenous equation estimate financial intermediation fiscal deficit fixed exchange rates focus foreign assets framework function fundamentals future fiscal deficits government spending government's fiscal deficits gross external liabilities growth effects growth rate Hutchison increase inflation tax insurance model interest rate Ito's Lemma Kaminsky and Reinhart Krugman likelihood liquidity literature Markov process model of Chapter monetary money demand moral hazard nominal nominal interest rate non-equity assets observationally equivalent Obstfeld optimal post-crisis pre-crisis prediction probit model rate of devaluation real exchange rate seignorage speculative attack stochastic stylized fact transmission mechanisms uncertainty variance Vegh