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This book focuses on the interaction between equilibrium real exchange rates, optimal external debt, endogenous optimal growth, and current account balances in a world of uncertainty. The theoretical parts result from interdisciplinary research between economics and state of the art applied mathematics. From the economic theory and the mathematics of stochastic optimal control, benchmarks are derived for the optimal debt and equilibrium real exchange rate in an environment where both the return on capital and the real rate of interest are stochastic variables. The theoretically derived equilib ... More

*Keywords: *
equilibrium real exchange rates,
NATREX,
optimal external debt,
endogenous optimal growth,
United States,
current account balances,
uncertainty,
currency crisis,
debt crisis,
emerging market defaults

Print publication date: 2006 | Print ISBN-13: 9780199280575 |

Published to Oxford Scholarship Online: May 2006 | DOI:10.1093/0199280576.001.0001 |

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## Front Matter

## Part I Overview

## Part II Theoretical framework

## Part III Evaluating exchange rates

## Part IV External debt and exchange rate crises

## End Matter

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