Twin crises and the intermediary role of banks
研究了货币贬值如何通过银行短期外汇头寸的净财富效应加速国际收支危机，并分析了银行在国际资本市场上因信息不对称而支付的风险溢价。
Banking and balance of payments crises often happen simultaneously. We show that the impact of a devaluation on the net worth of commercial banks with a short open foreign exchange position speeds up the timing of a balance of payments crisis. In an asymmetric information framework, domestic commercial banks have to pay a positive risk premium on the international capital market which is determined by their net worth. Some stylized facts from selected crises episodes are presented in order to gauge the empirical relevance of the effects that have been stressed in the model. Copyright © 1999 John Wiley & Sons, Ltd.