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Temporary Stabilizations, Sudden Stops, and Asset Prices
Authors:Rajesh Singh  Chetan Subramanian
Institution:Department of Economics, Iowa State University, USA;
Department of Economics, USA
Abstract:The authors study a temporary exchange-rate based stabilization plan in which agents face a sudden stop of capital inflows. The model generates a rising path of real interest rates in advance of the exchange rate collapse. This generates a time-dependent non-monotonic path of required premium on domestic assets. The model-generated asset price dynamics closely mimic their empirical counterpart, as witnessed during recent collapses of exchange-rate based stabilization plans. The model also reproduces consumption and foreign reserve dynamics that closely mimic the data.
Keywords:
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