Balance of Payments Crises in a Cash-in-Advance Economy
用一个预付现金约束的灵活价格模型，展示了国际收支危机中的经常账户赤字和实际汇率升值现象，并发现危机前的贬值率越小，这些现象越严重。
The author shows that a flexible-prices, Sidrauski-type model with a cash-in-advance constraint is capable of depicting some of the phenomena associated with a balance of payments crisis, like the onesrecently observed in Argentina and Mexico (current-accounts deficits,and appreciation of the real exchange rat e). It is also shown that these phenomena become exacerbated as the rate of devaluation (before the crisis occurs) becomes smaller. Copyright 1987 by Ohio State University Press.