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The Linkage Between Speculative Attack And Target Zone Models Of Exchange Rates
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Book Synopsis The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates by : International Monetary Fund
Download or read book The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates written by International Monetary Fund and published by International Monetary Fund. This book was released on 1989-04-06 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we generalize the target zone exchange rate as model formalized by Krugman (1988b). The main contributions of these pages consist of linking the recent developments in the theory of target zones to the mirror image theory of speculative attacks on asset price fixing regimes and in using aspects of that linkage to give an intuitive interpretation to the “smooth pasting” condition often invoked as a terminal condition. We aim to unify these two literatures by showing that the solution concepts in both are identical.
Book Synopsis The Linkage between Speculative Attack and Target Zone Models of Exchange Rates by : Robert P. Flood
Download or read book The Linkage between Speculative Attack and Target Zone Models of Exchange Rates written by Robert P. Flood and published by . This book was released on 2007 with total page 24 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we generalize the target zone exchange rate as model formalized by Krugman (1988b). The main contributions of these pages consist of linking the recent developments in the theory of target zones to the mirror image theory of speculative attacks on asset price fixing regimes and in using aspects of that linkage to give an intuitive interpretation to the smooth pasting condition often invoked as a terminal condition. We aim to unify these two literatures by showing that the solution concepts in both are identical.
Book Synopsis The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates by : Robert P. Flood
Download or read book The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates written by Robert P. Flood and published by . This book was released on 1989 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we generalize the target zone exchange rate as model formalized by Krugman (1988b) to include finite-sized interventions in defense of the zone. The main contributions of these pages consist of linking the recent developments in the theory of target zones to the mirror-image theory of speculative attacks on asset price fixing regimes and in using aspects of that linkage to give an intuitive interpretation to the smooth pasting" condition usually invoked as a terminal condition.
Book Synopsis The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates by :
Download or read book The Linkage Between Speculative Attack and Target Zone Models of Exchange Rates written by and published by . This book was released on 1989 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Rational Speculative Bubbles in an Exchange Rate Target Zone by : Willem H. Buiter
Download or read book Rational Speculative Bubbles in an Exchange Rate Target Zone written by Willem H. Buiter and published by . This book was released on 1990 with total page 60 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent theory of exchange rate dynamics within a target zone holds that exchange rates under a currency bard are less responsive to fundamental shocks than exchange rates under a free float, provided that the intervention rules of the Central Bank(s) are common knowledge. These results are derived after having assumed a priori that excess volatility due to rational bubbles does not occur in the foreign exchange market. In this paper we consider instead a setup in which the existence of speculative behavior is a datum the Central Bank has to deal with. We show that the defense of the target zone in the presence of bubbles is viable if the Central Bank accommodates speculative attacks when the latter are consistent with the survival of the target zone itself and expectations are self-fulfilling. These results hold for a large class of exogenous and fundamental-dependent bubble processes. We show that the instantaneous volatility of exchange rates within a bard is not necessarily less than the volatility under free float and analyze the implications for interest rate differential dynamics.
Book Synopsis Exchange Rate Economics by : Ronald MacDonald
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2007-03-12 with total page 465 pages. Available in PDF, EPUB and Kindle. Book excerpt: First published in 2007. Exchange Rate Economics: Theories and Evidence is the second edition of Floating Exchange Rates: Theories and Evidence, and builds on the successful content and structure of the previous edition, but has been comprehensively updated and expanded to include additional literature on the determination of both fixed and floating exchange rates. Core topics covered include: • the purchasing power parity hypothesis and the PPP puzzle; • the monetary and portfolio-balance approaches to exchange rates; • the new open economy macroeconomics approach to exchange rates; and • the determination of exchange rates in target zone models and speculative attack models. Exchange Rate Economics: Theories and Evidence also includes extensive discussion of recent econometric work on exchange rates with a particular focus on equilibrium exchange rates and measuring exchange rate misalignment, as well as discussion on the non-fundamentals-based approaches to exchange rate behaviour, such as the market microstructure approach. The book will appeal to academics and postgraduate students with an interest in all aspects of international finance and will also be of interest to practitioners concerned with issues relating to equilibrium exchange rates and the forecastability of currencies in terms of macroeconomic fundamentals.
Book Synopsis Target Zones and Exchange Rates by : Geert Bekaert
Download or read book Target Zones and Exchange Rates written by Geert Bekaert and published by . This book was released on 1996 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this paper we develop an empirical model of exchange rates in a target zone. The model is general enough to nest most theoretical and empirical models in the existing literature. We find evidence of two types of jumps in exchange rates. Realignment jumps are those that are associated with the periodic realignments of the target zone and within-the-band jumps are those that can be accommodated within the current target zone. The exchange rate may jump outside the current target zone band, in the case of a realignment, but when no jump occurs the target zone is credible (there is zero probability of a realignment) and the exchange rate must stay within the band. We incorporate jumps, in general, by conditioning the distribution of exchange rate changes on a jump variable where the probability and size of a jump vary over time as a function of financial and macroeconomic variables. With this more general model, we revisit the empirical evidence from the European Monetary System regarding the conditional distribution of exchange rate changes, the credibility of the system, and the size of the foreign exchange risk premia. In contrast to some previous findings, we conclude that the FF/DM rate exhibits considerable non-linearities, realignments are predictable and the credibility of the system did not increase after 1987. Moreover, our model implies that the foreign exchange risk premium becomes large during speculative crises. A comparison with the Deutschemark/Dollar rate suggests that an explicit target zone does have a noticeable effect on the time-series behavior of exchange rates.
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 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 Attack in a Stochastic Exchange Rate Target Zone by : Catherine E. C. Brock
Download or read book Speculative Attack in a Stochastic Exchange Rate Target Zone written by Catherine E. C. Brock and published by . This book was released on 1997 with total page 204 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Exchange Rate Economics by : Ronald MacDonald
Download or read book Exchange Rate Economics written by Ronald MacDonald and published by Routledge. This book was released on 2005 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: ''In summary, the book is valuable as a textbook both at the advanced undergraduate level and at the graduate level. It is also very useful for the economist who wants to be brought up-to-date on theoretical and empirical research on exchange rate behaviour.'' ""Journal of International Economics""
Book Synopsis Essays on Exchange Rate Target Zone Theory and Speculative Attacks by : Simon Jeremy Broome
Download or read book Essays on Exchange Rate Target Zone Theory and Speculative Attacks written by Simon Jeremy Broome and published by . This book was released on 1996 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Spurious Correlation in Exchange Rate Target Zone Modelling by : Zsolt M. Darvas
Download or read book Spurious Correlation in Exchange Rate Target Zone Modelling written by Zsolt M. Darvas and published by . This book was released on 1998 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are Speculative Attacks Triggered by Sunspots? by : Nikola A. Tarashev
Download or read book Are Speculative Attacks Triggered by Sunspots? written by Nikola A. Tarashev and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Essays on Speculative Attacks and Exchange Rate Target Zones by : Arturo José Galindo
Download or read book Essays on Speculative Attacks and Exchange Rate Target Zones written by Arturo José Galindo and published by . This book was released on 1999 with total page 146 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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 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.
