Prospective deficits and the Asian currency crisis:

The recent Asian currency crisis was caused by large prospective fiscal deficits associated with implicit bailout guarantees to failing banking systems. Absent the political will to raise taxes or cut spending, governments must resort to seignorage revenues to pay for the bailout of the banking syst...

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Bibliographic Details
Main Authors: Burnside, Craig 1965- (Author), Eichenbaum, Martin S. 1954- (Author), Rebelo, Sérgio 1959- (Author)
Format: Electronic eBook
Language:English
Published: Washington, DC World Bank, Development Research Group, Macroeconomics and Growth 1999
Series:Policy research working paper 2174
Subjects:
Online Access:Volltext
Summary:The recent Asian currency crisis was caused by large prospective fiscal deficits associated with implicit bailout guarantees to failing banking systems. Absent the political will to raise taxes or cut spending, governments must resort to seignorage revenues to pay for the bailout of the banking system. In a world of forward-looking agents, this makes a currency crisis inevitable
Item Description:"September 1999"--Cover. - Includes bibliographical references (p. 40-42)
Erscheinungsjahr in Vorlageform:[1999]
Weitere Ausgabe: Burnside, Craig : Prospective deficits and the Asian currency crisis
Physical Description:1 Online-Ressource (43, [8] Seiten) Illustrationen 28 cm