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- W3167310010 abstract "This paper studies the optimal monetary and macroprudential policies in a small open economy that borrows from abroad in foreign currency. The model features a novel mechanism in which sudden stops due to an occasionally binding borrowing constraint trigger a sharp currency depreciation through balance of payments adjustments, thereby increase the domestic-currency value of foreign debt and cause severe economic downturns. A policy analysis shows that a contractionary monetary policy mitigates depreciation during a crisis, but the anticipation of policy interventions during the crisis induces larger borrowings ex ante and destabilizes the economy. A combination of an ex ante macroprudential tax on foreign borrowing and ex post monetary policy interventions can stabilize the economy and improve social welfare." @default.
- W3167310010 created "2021-06-22" @default.
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- W3167310010 date "2022-01-01" @default.
- W3167310010 modified "2023-09-26" @default.
- W3167310010 title "Monetary and Macroprudential Policies Under Dollar-Denominated Foreign Debt" @default.
- W3167310010 doi "https://doi.org/10.2139/ssrn.4186720" @default.
- W3167310010 hasPublicationYear "2022" @default.
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