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Banking in small open economies with aggregate liquidity shocks

Kawamura, Enrique · SEDICI UNLP · 2002

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Author / responsible party
Kawamura, Enrique
Publisher
SEDICI UNLP
Year
2002
Language
English

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I extend the traditional Diamond Dybvig framework with aggregate liquidity shocks to small open economies. Currency board may imply perfect risk sharing (with perfect credit markets), contrary to Chang and Velasco's findings (2000). With interim-date borrowing constraints and fixed exchange rates, Wallace's (1990) partial suspension of convertibility of deposits is obtained. A banking system with an international lender may implement both allocations without runs. Flexible exchange rates with local-currency denominated deposits improves risk sharing relative to fixed exchange rates when borrowing constraints are present. Departamento de Economía

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APA 7

Kawamura, E. (2002). Banking in small open economies with aggregate liquidity shocks. SEDICI UNLP. http://sedici.unlp.edu.ar/handle/10915/3786

MLA

Kawamura, Enrique. Banking in small open economies with aggregate liquidity shocks. SEDICI UNLP, 2002. http://sedici.unlp.edu.ar/handle/10915/3786.

Chicago

Kawamura, Enrique. 2002. Banking in small open economies with aggregate liquidity shocks. SEDICI UNLP. http://sedici.unlp.edu.ar/handle/10915/3786.

Harvard

Kawamura, E. 2002, Banking in small open economies with aggregate liquidity shocks, SEDICI UNLP, available at: http://sedici.unlp.edu.ar/handle/10915/3786 [Accessed 7 Aug. 2026].

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Title
Banking in small open economies with aggregate liquidity shocks
Author / contributors
Kawamura, Enrique
Publisher
SEDICI UNLP
Publication year
2002
Language
English

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Ciencias Económicas; liquidez; banco
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