論文

AbstractThis paper studies monetary and macroprudential policies in a small open economy that borrows from abroad in foreign currency. The model features a novel mechanism in which exchange rate depreciation triggered by a borrowing constraint is amplified through balance of payments adjustments, increasing the real burden of foreign debt and causing crises. This mechanism induces overborrowing in normal times and excessive imports during crises. While contractionary monetary policy during crises mitigates depreciation, anticipation of such interventions exacerbates overborrowing ex ante. The optimal policy combines ex ante macroprudential taxes to correct overborrowing and ex post contractionary monetary policy to mitigate depreciation.