Hedging and Financial Fragility in Fixed Exchange Rate Regimes
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Currency crises that coincide with banking crises tend to share four elements. First, governments provide guarantees to domestic and foreign bank creditors. Second, banks do not hedge their exchange rate risk. Third, there is a lending boom before the crises. Finally, when the currency/banking
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美国国家经济研究局创建时间:
1999-05-01



