Principles of International Finance and Open Economy Macroeconomics: Theories, Applications, and Policies (original) (raw)

AI-generated Abstract

This paper examines the principles of international finance and open economy macroeconomics, focusing on currency crises and their varying explanations across different generations of models. It discusses the historical context of currency crises from the 1980s to recent economic challenges and explores the roles of fiscal policy, expectations, and financial sector fragility in these crises. Each generation of models provides distinct insights into the causes and mechanisms of currency crises, emphasizing the evolving nature of economic theories in response to new financial phenomena.

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