The balance of payments and borrowing constraints: An alternative view of the Mexican crisis
构建了一个模型，分析一国在国际借贷受限时如何引发国际收支危机，并用该模型解释墨西哥1987-1995年间贸易差额、资本账户和国际收支的动态变化。
In this paper we develop a model in which a country faces a balance of payments crisis if constraints on its international borrowing bind. We use the model to describe the dynamics of the trade balance, capital account, and balance of payments of a country that borrows to finance consumption following sweeping macroeconomic and structural reforms and then hits constraints on its international borrowing. We compare the predictions of this theoretical example with events in Mexico from 1987 through 1995.