Exchange Rate Volatility and the Credit Channel in Emerging Markets: A Vertical Perspective
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Firms in emerging markets are exposed to severe financial frictions and credit constraints, that are exacerbated by the sudden stop of capital inflows. Can monetary policy offset this external credit squeeze? We show that although this may be the case during moderate contractions (or in partial
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美国国家经济研究局创建时间：
2004-05-01
