{"id":"https://openalex.org/W2596747996","doi":"https://doi.org/10.1080/01603477.2017.1368027","title":"Currency devaluations, aggregate demand, and debt dynamics in economies with foreign currency liabilities","display_name":"Currency devaluations, aggregate demand, and debt dynamics in economies with foreign currency liabilities","publication_year":2017,"publication_date":"2017-10-02","ids":{"openalex":"https://openalex.org/W2596747996","doi":"https://doi.org/10.1080/01603477.2017.1368027","mag":"2596747996"},"language":"en","primary_location":{"id":"doi:10.1080/01603477.2017.1368027","doi":"https://doi.org/10.1080/01603477.2017.1368027","is_oa":false,"landing_page_url":"https://doi.org/10.1080/01603477.2017.1368027","pdf_url":null,"source":{"id":"https://openalex.org/S151404345","display_name":"Journal of Post Keynesian Economics","issn_l":"0160-3477","issn":["0160-3477","1557-7821"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Post Keynesian Economics","raw_type":"journal-article"},"volume":null,"type":"article","indexed_in":["crossref"],"open_access":{"is_oa":true,"oa_status":"green","oa_url":"https://kclpure.kcl.ac.uk/portal/en/publications/9e95b19d-394a-4345-8818-5876332f57d6","any_repository_has_fulltext":true},"authorships":[{"author_position":"first","author":{"id":"https://openalex.org/A5036916060","display_name":"Karsten K\u00f6hler","orcid":"https://orcid.org/0000-0002-6876-0538","observed_orcids":["https://orcid.org/0000-0002-6876-0538"]},"institutions":[{"id":"https://openalex.org/I205051169","display_name":"Kingston University London","ror":"https://ror.org/05bbqza97","country_code":"GB","type":"education","lineage":["https://openalex.org/I205051169"]}],"countries":["GB"],"is_corresponding":true,"raw_author_name":"Karsten Kohler","raw_affiliation_strings":["with the Department of Economics, Kingston University London, Kingston upon Thames, England","View further author information"],"raw_orcid":null,"affiliations":[{"raw_affiliation_string":"with the Department of Economics, Kingston University London, Kingston upon Thames, England","institution_ids":["https://openalex.org/I205051169"]},{"raw_affiliation_string":"View further author information","institution_ids":[]}]}],"institutions":[],"countries_distinct_count":1,"institutions_distinct_count":1,"corresponding_author_ids":["https://openalex.org/A5036916060"],"corresponding_institution_ids":["https://openalex.org/I205051169"],"apc_list":null,"apc_paid":null,"fwci":1.2849,"has_fulltext":true,"cited_by_count":12,"citation_normalized_percentile":{"value":0.85255981,"is_in_top_1_percent":false,"is_in_top_10_percent":false},"cited_by_percentile_year":{"min":88,"max":97},"biblio":{"volume":"40","issue":"4","first_page":"487","last_page":"511"},"is_retracted":false,"is_paratext":false,"is_xpac":false,"primary_topic":{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.9868000149726868,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},"topics":[{"id":"https://openalex.org/T11742","display_name":"Economic Theory and Policy","score":0.9868000149726868,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10503","display_name":"Global Financial Crisis and Policies","score":0.011500000022351742,"subfield":{"id":"https://openalex.org/subfields/2003","display_name":"Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}},{"id":"https://openalex.org/T10007","display_name":"Monetary Policy and Economic Impact","score":0.00039999998989515007,"subfield":{"id":"https://openalex.org/subfields/2000","display_name":"General Economics, Econometrics and Finance"},"field":{"id":"https://openalex.org/fields/20","display_name":"Economics, Econometrics and Finance"},"domain":{"id":"https://openalex.org/domains/2","display_name":"Social Sciences"}}],"keywords":[{"id":"https://openalex.org/keywords/currency-devaluation","display_name":"currency devaluation","score":0.9860000014305115},{"id":"https://openalex.org/keywords/aggregate-demand","display_name":"aggregate demand","score":0.9879999756813049},{"id":"https://openalex.org/keywords/foreign-currency-liabilities","display_name":"foreign currency liabilities","score":0.8920000195503235},{"id":"https://openalex.org/keywords/balance-sheet-effects","display_name":"balance sheet effects","score":0.9829999804496765},{"id":"https://openalex.org/keywords/open-economy","display_name":"open economy","score":0.7210000157356262},{"id":"https://openalex.org/keywords/capital-accumulation","display_name":"capital accumulation","score":0.7239999771118164},{"id":"https://openalex.org/keywords/trade-balance","display_name":"trade balance","score":0.7369999885559082},{"id":"https://openalex.org/keywords/income-distribution","display_name":"income distribution","score":0.6819999814033508},{"id":"https://openalex.org/keywords/debt-sustainability","display_name":"debt sustainability","score":0.8379999995231628},{"id":"https://openalex.org/keywords/foreign-interest-rates","display_name":"foreign interest rates","score":0.6399999856948853},{"id":"https://openalex.org/keywords/illiquidity","display_name":"illiquidity","score":0.7279999852180481},{"id":"https://openalex.org/keywords/risk-premium","display_name":"risk premium","score":0.8960000276565552}],"concepts":[{"id":"https://openalex.org/C162324750","wikidata":"https://www.wikidata.org/wiki/Q8134","display_name":"Economics","level":0,"score":0.8167339563369751},{"id":"https://openalex.org/C556758197","wikidata":"https://www.wikidata.org/wiki/Q580018","display_name":"Monetary economics","level":1,"score":0.6908756494522095},{"id":"https://openalex.org/C141121606","wikidata":"https://www.wikidata.org/wiki/Q8142","display_name":"Currency","level":2,"score":0.6870425939559937},{"id":"https://openalex.org/C44171179","wikidata":"https://www.wikidata.org/wiki/Q461319","display_name":"External debt","level":3,"score":0.5784035325050354},{"id":"https://openalex.org/C203379541","wikidata":"https://www.wikidata.org/wiki/Q1801078","display_name":"Aggregate demand","level":3,"score":0.5056407451629639},{"id":"https://openalex.org/C120527767","wikidata":"https://www.wikidata.org/wiki/Q3196867","display_name":"Debt","level":2,"score":0.5025203227996826},{"id":"https://openalex.org/C2780015253","wikidata":"https://www.wikidata.org/wiki/Q1570153","display_name":"Local currency","level":3,"score":0.4510273039340973},{"id":"https://openalex.org/C52092804","wikidata":"https://www.wikidata.org/wiki/Q56872446","display_name":"Current account","level":3,"score":0.4125218391418457},{"id":"https://openalex.org/C139719470","wikidata":"https://www.wikidata.org/wiki/Q39680","display_name":"Macroeconomics","level":1,"score":0.2888951897621155},{"id":"https://openalex.org/C2776988154","wikidata":"https://www.wikidata.org/wiki/Q66100","display_name":"Exchange rate","level":2,"score":0.2750454545021057},{"id":"https://openalex.org/C126285488","wikidata":"https://www.wikidata.org/wiki/Q178476","display_name":"Monetary policy","level":2,"score":0.16358330845832825}],"mesh":[],"locations_count":4,"locations":[{"id":"doi:10.1080/01603477.2017.1368027","doi":"https://doi.org/10.1080/01603477.2017.1368027","is_oa":false,"landing_page_url":"https://doi.org/10.1080/01603477.2017.1368027","pdf_url":null,"source":{"id":"https://openalex.org/S151404345","display_name":"Journal of Post Keynesian Economics","issn_l":"0160-3477","issn":["0160-3477","1557-7821"],"is_oa":false,"is_in_doaj":false,"is_core":true,"listed_in":["abdc-b","anvur-class-a","anvur-scientific","cwts-core","jufo-1","norway-1","poland-70","russia-white-list-2"],"host_organization":"https://openalex.org/P4310320547","host_organization_name":"Taylor & Francis","host_organization_lineage":["https://openalex.org/P4310320547","https://openalex.org/P4310320449"],"host_organization_lineage_names":["Taylor & Francis","Informa"],"type":"journal"},"license":null,"license_id":null,"version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Journal of Post Keynesian Economics","raw_type":"journal-article"},{"id":"pmh:oai:kclpure.kcl.ac.uk:openaire/9e95b19d-394a-4345-8818-5876332f57d6","doi":null,"is_oa":true,"landing_page_url":"https://kclpure.kcl.ac.uk/portal/en/publications/9e95b19d-394a-4345-8818-5876332f57d6","pdf_url":null,"source":{"id":"https://openalex.org/S4306400216","display_name":"Research Portal (King's College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I183935753","host_organization_name":"King's College London","host_organization_lineage":["https://openalex.org/I183935753"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Kohler, K 2017, 'Currency devaluations, aggregate demand, and debt dynamics in economies with foreign currency liabilities', JOURNAL OF POST KEYNESIAN ECONOMICS, vol. 40, no. 4, pp. 487-511. https://doi.org/10.1080/01603477.2017.1368027","raw_type":"info:eu-repo/semantics/article"},{"id":"pmh:oai:eprints.whiterose.ac.uk:178199","doi":null,"is_oa":false,"landing_page_url":"https://eprints.whiterose.ac.uk/178199/1/Kohler%202017%20Currency%20devaluations%20-%20AAM.pdf","pdf_url":"https://eprints.whiterose.ac.uk/178199/1/Kohler%202017%20Currency%20devaluations%20-%20AAM.pdf","source":{"id":"https://openalex.org/S4306400854","display_name":"White Rose Research Online (University of Leeds, The University of Sheffield, University of York)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I2800616092","host_organization_name":"White Rose University Consortium","host_organization_lineage":["https://openalex.org/I2800616092"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"acceptedVersion","is_accepted":true,"is_published":false,"raw_source_name":"","raw_type":"Article"},{"id":"pmh:oai:RePEc:mes:postke:v:40:y:2017:i:4:p:487-511","doi":null,"is_oa":false,"landing_page_url":"http://hdl.handle.net/10.1080/01603477.2017.1368027","pdf_url":null,"source":{"id":"https://openalex.org/S4306401271","display_name":"RePEc: Research Papers in Economics","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I77793887","host_organization_name":"Federal Reserve Bank of St. Louis","host_organization_lineage":["https://openalex.org/I77793887"],"host_organization_lineage_names":[],"type":"repository"},"license":null,"license_id":null,"version":"submittedVersion","is_accepted":false,"is_published":false,"raw_source_name":null,"raw_type":"article"}],"best_oa_location":{"id":"pmh:oai:kclpure.kcl.ac.uk:openaire/9e95b19d-394a-4345-8818-5876332f57d6","doi":null,"is_oa":true,"landing_page_url":"https://kclpure.kcl.ac.uk/portal/en/publications/9e95b19d-394a-4345-8818-5876332f57d6","pdf_url":null,"source":{"id":"https://openalex.org/S4306400216","display_name":"Research Portal (King's College London)","issn_l":null,"issn":null,"is_oa":false,"is_in_doaj":false,"is_core":false,"listed_in":[],"host_organization":"https://openalex.org/I183935753","host_organization_name":"King's College London","host_organization_lineage":["https://openalex.org/I183935753"],"host_organization_lineage_names":[],"type":"repository"},"license":"other-oa","license_id":"https://openalex.org/licenses/other-oa","version":"publishedVersion","is_accepted":true,"is_published":true,"raw_source_name":"Kohler, K 2017, 'Currency devaluations, aggregate demand, and debt dynamics in economies with foreign currency liabilities', JOURNAL OF POST KEYNESIAN ECONOMICS, vol. 40, no. 4, pp. 487-511. https://doi.org/10.1080/01603477.2017.1368027","raw_type":"info:eu-repo/semantics/article"},"sustainable_development_goals":[{"id":"https://metadata.un.org/sdg/8","score":0.48510000109672546,"display_name":"Decent work and economic growth"}],"sustainable_development_goals_aurora":[{"id":"https://metadata.un.org/sdg/8","score":0.44999998807907104,"display_name":"Decent work and economic growth"}],"study_designs":[],"awards":[],"funders":[],"has_content":{"pdf":false,"grobid_xml":false},"content_urls":null,"referenced_works_count":53,"referenced_works":["https://openalex.org/W570128271","https://openalex.org/W644165524","https://openalex.org/W1485528116","https://openalex.org/W1495009347","https://openalex.org/W1521374389","https://openalex.org/W1530161298","https://openalex.org/W1558526833","https://openalex.org/W1560350676","https://openalex.org/W1607846518","https://openalex.org/W1841221189","https://openalex.org/W1936476120","https://openalex.org/W1963152530","https://openalex.org/W1982228266","https://openalex.org/W2005961387","https://openalex.org/W2010556890","https://openalex.org/W2011711802","https://openalex.org/W2026511355","https://openalex.org/W2027479614","https://openalex.org/W2033279748","https://openalex.org/W2037425424","https://openalex.org/W2048846594","https://openalex.org/W2049063177","https://openalex.org/W2054807175","https://openalex.org/W2064121444","https://openalex.org/W2067560353","https://openalex.org/W2074808007","https://openalex.org/W2077941701","https://openalex.org/W2087637848","https://openalex.org/W2089214751","https://openalex.org/W2103895803","https://openalex.org/W2112559425","https://openalex.org/W2132410734","https://openalex.org/W2149807153","https://openalex.org/W2156881899","https://openalex.org/W2172831857","https://openalex.org/W2216615819","https://openalex.org/W2252940454","https://openalex.org/W2277806469","https://openalex.org/W2295118754","https://openalex.org/W2469814081","https://openalex.org/W2492919502","https://openalex.org/W2493771168","https://openalex.org/W2503073703","https://openalex.org/W2580331856","https://openalex.org/W2789535579","https://openalex.org/W3123618806","https://openalex.org/W3124064065","https://openalex.org/W3126045516","https://openalex.org/W4213422989","https://openalex.org/W4232698045","https://openalex.org/W4246550912","https://openalex.org/W4247429503","https://openalex.org/W4285719527"],"related_works":["https://openalex.org/W3121135680","https://openalex.org/W2606217625","https://openalex.org/W2155000659","https://openalex.org/W2079268239","https://openalex.org/W6903808288","https://openalex.org/W7153538653","https://openalex.org/W1971442284","https://openalex.org/W7095484145","https://openalex.org/W2089214751","https://openalex.org/W4387711049"],"abstract_inverted_index":{"The":[0,63,92],"article":[1,93,120],"uses":[2],"a":[3,95,139],"post":[4,30,97],"Kaleckian":[5,31,98],"model":[6,101],"to":[7,112],"analyze":[8],"how":[9,132],"currency":[10,23,35],"devaluations":[11,36,52,168],"affect":[12,48,58],"aggregate":[13,67],"demand":[14,68],"and":[15,46,56,60,69,73,108,126,145,172,178,181],"capital":[16,198],"accumulation":[17],"in":[18,25,138,195],"an":[19,133],"economy":[20,33,100,134],"with":[21],"foreign":[22,88,104,162,174],"liabilities":[24],"the":[26,114,119,122,147,159],"short-run.":[27],"In":[28],"benchmark":[29],"open":[32,99],"models,":[34,79],"have":[37],"two":[38],"effects.":[39],"First,":[40],"they":[41,193],"change":[42,53],"international":[43],"price":[44],"competitiveness":[45],"thus":[47],"net":[49],"exports.":[50],"Second,":[51],"income":[54],"distribution":[55],"thereby":[57],"consumption":[59],"investment":[61,70],"demand.":[62],"overall":[64],"effect":[65],"on":[66,75],"is":[71],"ambiguous":[72],"depends":[74],"parameter":[76],"values.":[77],"Existing":[78],"however,":[80],"disregard":[81],"balance":[82,109],"sheet":[83,110],"effects":[84,111],"that":[85,102,158,166,173],"arise":[86],"from":[87],"currency-denominated":[89,105,163],"external":[90,106,125],"debt.":[91,129],"develops":[94],"novel":[96],"introduces":[103],"debt":[107,164,185,190],"examine":[113],"demand-effects":[115],"of":[116,124,142,161],"devaluations.":[117],"Furthermore,":[118],"models":[121],"dynamics":[123],"domestic":[127,197],"corporate":[128],"It":[130,156],"discusses":[131],"may":[135],"end":[136],"up":[137],"vicious":[140],"cycle":[141],"foreign-currency":[143],"indebtedness":[144,151],"derives":[146],"conditions":[148],"under":[149],"which":[150],"becomes":[152],"stable":[153],"or":[154],"unstable.":[155],"shows":[157],"existence":[160],"means":[165],"contractionary":[167],"are":[169],"more":[170],"likely,":[171],"interest":[175],"rate":[176],"hikes,":[177],"high":[179],"illiquidity":[180],"risk":[182],"premia":[183],"compromise":[184],"sustainability.":[186],"Devaluations":[187],"only":[188],"stabilize":[189],"ratios":[191],"if":[192],"succeed":[194],"boosting":[196],"accumulation.":[199]},"counts_by_year":[{"year":2026,"cited_by_count":1},{"year":2025,"cited_by_count":1},{"year":2024,"cited_by_count":4},{"year":2023,"cited_by_count":2},{"year":2022,"cited_by_count":1},{"year":2021,"cited_by_count":1},{"year":2019,"cited_by_count":1},{"year":2018,"cited_by_count":1}],"updated_date":"2026-10-14T16:39:01.820549","created_date":"2017-03-23T00:00:00"}