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Speculative Attacks On Pegged Exchange Rates
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Book Synopsis Speculative Attacks and Currency Crises by : Ms.Inci Ötker
Download or read book Speculative Attacks and Currency Crises written by Ms.Inci Ötker and published by International Monetary Fund. This book was released on 1995-11-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a speculative attack model of currency crises in order to identify the role of economic fundamentals and any early warning signals of a potential currency crisis. The data from the Mexican economy was used to illustrate the model. Based on the results, a deterioration in fundamentals appears to have generated high one-step-ahead probabilities for the regime changes during the sample period 1982-1994. Particularly, increases in inflation differentials, appreciations of the real exchange rate, foreign reserve losses, expansionary monetary and fiscal policies, and increases in the share of short-term foreign currency debt appear to have contributed to the market pressures and regime changes in that period.
Book Synopsis Speculative Attacks and Models of Balance of Payments Crises by : Mr.Robert P. Flood
Download or read book Speculative Attacks and Models of Balance of Payments Crises written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1991-10-01 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, such as: alternative post-collapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy discussed.
Book Synopsis Speculative Attacks on Pegged Exchange Rates by : Barry J. Eichengreen
Download or read book Speculative Attacks on Pegged Exchange Rates written by Barry J. Eichengreen and published by . This book was released on 1995 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Managing Currency Crises in Emerging Markets by : Michael P. Dooley
Download or read book Managing Currency Crises in Emerging Markets written by Michael P. Dooley and published by University of Chicago Press. This book was released on 2007-11-01 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.
Book Synopsis Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze by : Mr.Subir Lall
Download or read book Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze written by Mr.Subir Lall and published by International Monetary Fund. This book was released on 1997-12-01 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: A typical strategy used by speculators to launch an attack on a fixed exchange regime is the use of forward markets. Central banks also intervene in forward markets to counter speculation. This paper addresses the question of how an attack is launched on the forward market, and what the optimal policy response to such speculation is in the forward and spot markets. The paper also demonstrates how central banks can impose a bear squeeze on speculators. Recent events in South East Asian currency markets are interpreted within the framework of the model’s predictions.
Book Synopsis Currency Speculation in Fixed Exchange Rate Regimes by : Anja Zenker
Download or read book Currency Speculation in Fixed Exchange Rate Regimes written by Anja Zenker and published by Springer Science & Business Media. This book was released on 2014-01-08 with total page 142 pages. Available in PDF, EPUB and Kindle. Book excerpt: Speculative currency crises seem to have become a common and inevitable phenomenon in the international monetary system. Against this background, various approaches have been developed by economists to cover the broad range of situations in which balance-of-payments crises occurred. Anja Zenker provides a comprehensive insight into the body of theoretical and empirical literature about currency speculation in fixed exchange rate regimes. The author discusses different generations of theoretical models and their empirical relevance in recent currency crises. Moreover, she considers diverse policy options which attempt to avoid speculative attacks on exchange rate pegs.
Book Synopsis Speculative Bubbles, Speculative Attacks, and Policy Switching by : Robert P. Flood
Download or read book Speculative Bubbles, Speculative Attacks, and Policy Switching written by Robert P. Flood and published by MIT Press. This book was released on 1994 with total page 528 pages. Available in PDF, EPUB and Kindle. Book excerpt: The papers in this book are grouped into three sections: the first on price bubbles is primarily financial; the second on speculative attacks (on exchange rate regimes) is international in scope; and the third, on policy switching, is concerned with monetary policy.
Book Synopsis Speculative Attacks by : Mr.Guillermo Calvo
Download or read book Speculative Attacks written by Mr.Guillermo Calvo and published by International Monetary Fund. This book was released on 1991-01-01 with total page 7 pages. Available in PDF, EPUB and Kindle. Book excerpt: A brief survey of the literature on speculative attacks is provided. The nature and causes of balance-of-payments crises, the implications for the behavior of the current account and the real exchange rate are discussed. Also, potential areas for future research on balance-of-payments crises are suggested.
Book Synopsis Perspectiveson the Recent Currency Crisis Literature by : Mr.Robert P. Flood
Download or read book Perspectiveson the Recent Currency Crisis Literature written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1998-09-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the 1990s, currency crises in Europe, Mexico, and Asia have drawn worldwide attention to speculative attacks on government-controlled exchange rates and have prompted researchers to undertake new theoretical and empirical analysis of these events. This paper provides some perspective on this work and relates it to earlier research. It derives the optimal commitment to a fixed exchange rate and proposes a common framework for analyzing currency crises. This framework stresses the important role of speculators and recognizes that the government’s commitment to a fixed exchange rate is constrained by other policy goals. The final section finds that some crises may be particularly difficult to predict using currently popular methods.
Book Synopsis Speculative attacks on pegged exchange rates by : Barry J. Eichengreen
Download or read book Speculative attacks on pegged exchange rates written by Barry J. Eichengreen and published by . This book was released on 1994 with total page 49 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Speculative Attacks and Currency Crisis by : İnci Ötker
Download or read book Speculative Attacks and Currency Crisis written by İnci Ötker and published by . This book was released on 1995 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Policy Making and Speculative Attacks in Models of Exchange Rate Crises by : Giancarlo Corsetti
Download or read book Policy Making and Speculative Attacks in Models of Exchange Rate Crises written by Giancarlo Corsetti and published by . This book was released on 1996 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Devaluation Expectations and Speculative Attacks on the Currency by : Alpo Willman
Download or read book Devaluation Expectations and Speculative Attacks on the Currency written by Alpo Willman and published by . This book was released on 1987 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Self-Fulfilling Risk Predictions by : Mr.Robert P. Flood
Download or read book Self-Fulfilling Risk Predictions written by Mr.Robert P. Flood and published by International Monetary Fund. This book was released on 1998-08-01 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper shows that changing market beliefs about currency risk can generate a self-fulfilling speculative attack on a fixed exchange rate. The attack does not require a later change in policies to make it profitable. This is illustrated by introducing an endogenous risk premium into a “first-generation model” of a speculative attack. The model is further modified to take account of sterilization, debt-financed fiscal deficits, and anticipatory price-setting behavior. The model is used to interpret the 1994 Mexican peso crisis.
Book Synopsis The Choice of Exchange Rate Regime and Speculative Attacks by : Alex Cukierman
Download or read book The Choice of Exchange Rate Regime and Speculative Attacks written by Alex Cukierman and published by . This book was released on 2003 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Speculation and the Decision to Abandon a Fixed Exchange Rate Regime by : Ivan Pastine
Download or read book Speculation and the Decision to Abandon a Fixed Exchange Rate Regime written by Ivan Pastine and published by . This book was released on 2001 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Speculative Attacks and Currency Crises by : 0nci Ltker
Download or read book Speculative Attacks and Currency Crises written by 0nci Ltker and published by . This book was released on 2006 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper estimates a speculative attack model of currency crises in order to identify the role of economic fundamentals and any early warning signals of a potential currency crisis. The data from the Mexican economy was used to illustrate the model. Based on the results, a deterioration in fundamentals appears to have generated high one-step-ahead probabilities for the regime changes during the sample period 1982-1994. Particularly, increases in inflation differentials, appreciations of the real exchange rate, foreign reserve losses, expansionary monetary and fiscal policies, and increases in the share of short-term foreign currency debt appear to have contributed to the market pressures and regime changes in that period.
