Now showing items 1-5 of 5

    • Monetary arrangements for emerging economies 

      Santos, Rafael Chaves; Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2007-09-01)
      In this paper we look at various alternatives for monetary regimes: dollarization, monetary union and local currency. We use an extension of the debt crisis model of Cole and Kehoe ([3], [4] and [5]), although we do not ...
    • Speculative attacks on debts and optimum currency area: a welfare analysis 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2003-11-14)
      Traditionally the issue of an optimum currency area is based on the theoretical underpinnings developed in the 1960s by McKinnon [13], Kenen [12] and mainly Mundell [14], who is concerned with the benefits of lowering ...
    • Speculative attacks on debts, dollarization and optimum currency areas 

      Araújo, Aloísio Pessoa de; Leon, Márcia Saraiva (Escola de Pós-Graduação em Economia da FGV, 2002-04-01)
      The purpose of this article is to contribute to the discussion of the financial aspects of dollarization and optimum currency areas. Based on the model of self-fulfilling debt crisis developed by Cole and Kehoe [4], it is ...
    • Systemic risk, dollarization, and interest rates in emerging markets: a panel-based approach 

      Bacha, Edmar Lisboa; Holland, Márcio; Goncalves, Fernando Machado (Oxford Univ Press, 2009)
      This study investigates the impact of systemic risks and financial dollarization on real interest rates in emerging economies. Higher systemic risks induce both higher real interest rates and increased dollarization. Using ...
    • Welfare analysis of currency regimes with defaultable debts 

      Araujo, Aloisio; Leon, M.; Santos, R. (2013)
      We modify the Cole and Kehoe model by including domestic debt. According to the original model, a speculative attack on a high debt level issued abroad triggers external debt default. Here, it is possible to inflate away ...