The Logic of Currency Crises
The Logic of Currency Crises | NBER
The Logic of Currency Crises ... Once one recognizes that governments borrow international reserves and exercise other policy options to defend ...
The Logic of Currency Crises - University of California, Berkeley
THE LOGIC OF CURRENCY CRISES. Maurice Obstfeld*. The dramatic currency crisis that culminated in the August 1993 widening of exchange-rate bands.
The Logic of Currency Crises - IDEAS/RePEc
Abstract. Once one recognizes that governments borrow international reserves and exercise other policy options to defend fixed exchange rates during currency ...
currency peg or hang on? In a setting of purposeful action by the authorities, however, the possibility of self-fulfilling crises cannot be easily dismissed ...
The dramatic currency crisis that culminated in the August 1993 widening of exchange-rate bands within the European Monetary System (EMS) challenges economists ...
The Logic of Currency Crises - SpringerLink
Once one recognizes that governments borrow international reserves and exercise other policy options to defend fixed exchange rates during currency crises, ...
Models of currency crises with self-fulfilling features - ScienceDirect
The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple ...
Abstract: A currency crisis is a speculative attack on the foreign exchange value of a currency, resulting in a sharp depreciation or forcing ...
Currency Crises - National Bureau of Economic Research
Despite this trend, the central bank was assumed to try to hold the exchange rate fixed using a stock of foreign exchange reserves, which it stood ready to buy ...
The canonical currency crisis model, then, explains such crises as the result of a fundamental inconsistency between domestic policies - typically the ...
Currency Crises and Monetary Policy in an Economy with Credit ...
The possibility of multiple equilibria, including a *currency crisis* equilibrium with low output and a depreciated domestic currency, results from the ...
The Logic of Twin Debt and Currency Crises - EconStor
For instance, a currency crisis might lead investors to reassess the economic policies of a country, even if the fundamentals had not changed, or it might ...
Currency crisis models - Kellogg School of Management
There have been many currency crises during the post-war era (see Kaminsky and. Reinhart, 1999). A currency crisis is an episode in which the exchange rate ...
Currency Crises Conventional Models, Speculative Attack ... - ABPHE
traditional currency crisis theory”, as in Asia the “currency crises were only part of a ... The logic of currency crises. Cashiers Économiques et. Monetáires, 43 ...
A currency crisis is a type of financial crisis, and is often associated with a real economic crisis. A currency crisis raises the probability of a banking ...
Following this logic, the exchange rate was fixed at 39 pesos to the U.S. dollar and kept at that level for three years, even though the rate of inflation was ...
CURRENCY CRISES: A PERSPECTIVE ON RECENT ...
This paper reflects the views of its author, not necessarily those of the International Monetary Fund. Historians of economic thought will view the 1990s as a ...
A Fiscal Theory of Currency Crises - Wiley Online Library
Krugman's (1979) analogy of a foreign exchange crisis to the collapse of a government price support system for an exhaustible resource, as in Salant and ...
Are Currency Crises Self-Fulfilling? - University of Minnesota
model of crises in a way that at least at first makes it seem as if there were multiple equilibria, then see how the standard analysis establishes a.
The Logic of Currency Crises - Semantic Scholar
Once one recognizes that governments borrow international reserves and exercise other policy options to defend fixed exchange rates during ...