Borradores de Economia
Número:
934
Publicado:
Clasificación JEL:
C14, C21, C31, E58, F31
Palabras clave:
Sterilized Foreign Exchange Intervention, Portfolio Balance Channel, Uncovered Interest Rate Parity, Financial Constraints
Lo más reciente
Jhorland Ayala-García, Jaime Bonet-Morón, Eduardo A. Haddad, Inácio F. Araújo
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Hans-Erik Edsand, Andrés Aleán-Romero, Jhorland Ayala-García, Tania Jiménez Castilla, Sandra C. Valencia
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