Balance-of-payments crises and monetary policy reactions in a model with imperfect substitutability between domestic and foreign bonds

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Title: Balance-of-payments crises and monetary policy reactions in a model with imperfect substitutability between domestic and foreign bonds
Author: Willman, Alpo
Organization: Suomen Pankki
Department / Unit: Tutkimusosasto
Research Department
Series: Tutkimusyksikkö. Monistettuja tutkimuksia
Series number: 16/1987
Year of publication: 1987
Publication date: 19.11.1987
Pages: 15
Subject (yso): joukkovelkakirjat; keskuspankit; valuuttakurssit
Keywords: Suomen Pankki; monistettuja tutkimuksia; kotimaiset joukkovelkakirjat; ulkomaiset joukkovelkakirjat
Other keywords: domestic bonds; foreign bonds
Abstract: We show that if domestic and foreign bonds are imperfect substitutes for each other and the exchange rate is fixed, then, unlike under the perfect substitutability assumption, uncertainty about monetary policy reactions affects the timing of balance-of-payments crises.
Rights: https://helda.helsinki.fi/bof/copyright


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