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Banking limits on foreign holdings : disentangling the portfolio balance channel

Pamela Andrea
Cardozo-Ortiz
Fredy Alejandro
Gamboa-Estrada
David
Perez-Reyna
Mauricio
Villamizar-Villegas
Martes, 1 Marzo 2016

In this paper we analyze the effects of nancial constraints on the exchange rate through the portfolio balance channel. Our contribution is twofold: First, we construct a tractable two-period general equilibrium model in which financial constraints inhi