Welfare, Banks, and Capital Mobility in Steady State: The Case of Predetermined Exchange Rates

Guillermo A. Calvo, Economic Adjustment and Exchange Rates in Developing Countries (University of Chicago Press, 1986), chap. 5, https://www.nber.org/books-and-chapters/economic-adjustment-and-exchange-rates-developing-countries/welfare-banks-and-capital-mobility-steady-state-case-predetermined-exchange-rates.