The DOI matches its Crossref record; 23 of the 23 references it cites were found in a registry or an index.
Balance Sheets and Exchange Rate Policy
Open accessAbstract
В статье анализируется связь между обменным курсом и балансом активов и пассивов и влияние этой связи на макроэкономические показатели в малой открытой экономике. Из-за высокой степени долларизации обязательств, обесценение национальной валюты, с одной стороны, снижает чистую стоимость компаний (net worth), что порождает финансовую хрупкость частного сектора. Это ведет к ограничению инвестиций. С другой стороны, девальвация приводит к расширению выпуска и росту отдачи от инвестиций, что также является компонентом чистой стоимости компании. В работе показывается, что негативный внешний шок может быть усилен эффектом баланса (balance sheet effect). В результате выпуск и инвестиции снижаются. При фиксированном курсе это падение сильнее, чем при плавающем. Таким образом, гибкий курс является лучим амортизатором внешних реальных шоков, даже несмотря на значительный эффект баланса.
Overview
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Integrity signals
Registry
Cites
Statistics
Verification
Claims the paper makes
The claims and statistics of this paper haven’t been checked yet.
Run the check — free, no account needed. It reads the open-access text and checks the sources it cites.
Self-check
Percentages, sums and reported differences re-computed from the paper’s own numbers.
The self-check needs the paper’s full text.
Citations
Cites
(2019) · AEA Papers and Proceedings · doi:10.1257/pandp.109.612 · Cited by 10,902
MONOPOLISTIC COMPETITION AND OPTIMUM PRODUCT DIVERSITY
Dixit, A., Stiglitz, J. E., Dixit, A. K., & Stiglitz, J. E. (1975) · RePEc: Research Papers in Economics · doi:10.22004/ag.econ.268957 · Cited by 7,391
INTEREST AND PRICES: FOUNDATIONS OF A THEORY OF MONETARY POLICY
Woodford, M., & WALSH, C. E. (2005) · Macroeconomic Dynamics · doi:10.1017/s1365100505040253 · Cited by 5,508
The Financial Accelerator in a Quantitative Business Cycle Framework
Bernanke, B., Gertler, M., & Gilchrist, S. (1998) · National Bureau of Economic Research · doi:10.3386/w6455 · Cited by 4,592
Agency Costs, Net Worth, And Business Fluctuations
Bernanke, B., Gertler, M., Bernanke, B., & Gertler, M. (1988) · Unknown · doi:10.22004/ag.econ.292693 · Cited by 4,386
Chapter 21 The financial accelerator in a quantitative business cycle framework
(1999) · Handbook of Macroeconomics · doi:10.1016/s1574-0048(99)10034-x · Cited by 3,539
Interest and Prices: Foundations of a Theory of Monetary Policy
Woodford, M. (2004) · Princeton University Press eBooks · doi:10.1515/9781400830169 · Cited by 2,436
Calvo, G., & Reinhart, C. (2000) · National Bureau of Economic Research · doi:10.3386/w7993 · Cited by 2,063
Costly Monitoring, Loan Contracts, and Equilibrium Credit Rationing
Williamson, S. D. (1987) · The Quarterly Journal of Economics · doi:10.2307/1884684 · Cited by 571
External Constraints on Monetary Policy and the Financial Accelerator
GERTLER, M., GILCHRIST, S., & NATALUCCI, F. M. (2007) · Journal of Money, Credit and Banking · doi:10.1111/j.0022-2879.2007.00027.x · Cited by 548
Cited by
How do business and financial cycles interact?
Claessens, S., Kose, M. A., & Terrones, M. E. (2012) · Journal of International Economics · doi:10.1016/j.jinteco.2011.11.008 · Cited by 678
How Bad Are Twins? Output Costs of Currency and Banking Crises
Hutchison, M. M., & Noy, I. (2005) · Journal of Money, Credit, and Banking · doi:10.1353/mcb.2005.0043 · Cited by 305
U.S. Monetary Policy and International Risk Spillovers
Kalemli-Özcan, Ṣ. (2019) · National Bureau of Economic Research · doi:10.3386/w26297 · Cited by 298
Metadata
- Authors
- Céspedes, L. F., Chang, R., & Velasco, A.
- Venue
- American Economic Review
- Publisher
- American Economic Association
- Published
- 2004-09-01
- Volume
- 94
- Issue
- 4
- Pages
- 1183-1193
- ISSN
- 0002-8282 (ISSN-L)
- OpenAlex
- W3126045516
- Cited by
- 758
- References
- 23
- FWCI
- 65.59
- Type
- journal article
- Language
- en
- Open access
- green
About these checks
Registry, retraction, Cites and statistics results are computed, not judged, with one exception: a printed reference that no index lists is read once by a model before it counts as a citation error. Claims are extracted by a model and kept only when their quote appears verbatim in the text; each cited source is then checked, with a model’s help, for whether it says what the claim relies on. Those verdicts can be wrong — read the claim’s quote and the cited source before relying on one.
Statistics and arithmetic are recomputed, not judged.
Confidence bands are shown only for fields calibrated on our annotated test set. None is calibrated yet, so no band is shown.
What counts as a claim ›How we measure confidence ›How we check this ›
Are you an author, or do you see a problem with this page? Request a review
How to cite
Cite CoChat for the checks on this page, and the paper for its own findings.
- This page
- CoChat. (2026). Citation check: Balance Sheets and Exchange Rate Policy. https://app.cochat.ai/papers/10.1257/0002828042002589
- The paper
- Céspedes, L. F., Chang, R., & Velasco, A. (2004). Balance Sheets and Exchange Rate Policy. American Economic Review. https://doi.org/10.1257/0002828042002589
Data sources
Bibliographic data: Semantic Scholar, OpenAlex, Crossref.
Contains information from the Semantic Scholar Academic Graph Datasets, made available under the ODC Attribution License (ODC-BY 1.0).
Semantic Scholar’s data is described in: Kinney, R., et al. (2023). The Semantic Scholar Open Data Platform. arXiv:2301.10140.
