財政政策と通貨危機--政策当局の予算制約と政策ルールの視点から

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概要

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• This research investigates that the currency board can prevent currencycrisis with a perspective of the government's budget constraintand fiscal policy rule. Results from our analysis clarify subsequent implications.First, the equilibrium level of exchange rate and prices dependon the fiscal policy. Second, under the currency board regime, the currencycrisis based on fundamentals can be occurred in the case that the‘Active’fiscal policy which is inconsistent with exchange rate parityis implemented, and the self-fulfilling currency crisis can be occurred inthe case that the‘Passive’fiscal policy is implemented. Third, the Argentinecurrency crisis in the end of 2001 is based on the fundamentalswith the result of fiscal expansion and the debt accumulation in the latterhalf of 1990s.

著者

• 工藤 健

  長崎大学経済学部

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• 財政政策と通貨危機--政策当局の予算制約と政策ルールの視点から

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