Debt thresholds and real exchange rates: An emerging markets perspective
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- 作者：Vahagn Galstyan<sup>asup><sup> ; sup><sup>v.galstyan@tcd.iesup> ; Adnan Velic<sup>bsup><sup> ; sup><sup>adnan.velic@dit.iesup>
- 关键词：F00 ; F41
- 刊名：Journal of International Money and Finance
- 出版年：2017
- 出版时间：February 2017
- 年：2017
- 卷：70
- 期：Complete
- 页码：452-470
- 全文大小：2048 K
- 卷排序：70
文摘
We empirically analyze nonlinearities in short-run real exchange rate dynamics. Misalignments are less persistent during times of high debt. Misalignments are more volatile during times of high debt. Nominal exchange rate and inflation differentials matter more in states of high debt.