Read Books Online and Download eBooks, EPub, PDF, Mobi, Kindle, Text Full Free.
Download Collapsing Exchange Rate Regimes full books in PDF, epub, and Kindle. Read online Collapsing Exchange Rate Regimes ebook anywhere anytime directly on your device. Fast Download speed and no annoying ads. We cannot guarantee that every ebooks is available!
Author : Patrick N. Osakwe
Publisher :
ISBN 13 : 9780662278597
Total Pages : 32 pages
Book Rating : 4.2/5 (785 download)
Download or read book Real Effects of Collapsing Exchange Rate Regimes written by Patrick N. Osakwe and published by . This book was released on 1999 with total page 32 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Robert P. Flood
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Collapsing Exchange Rate Regimes written by Robert P. Flood and published by . This book was released on 1995 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the literature on speculative attacks on a fixed exchange rate, it is usually assumed that the monetary authority responsible for fixing the exchange rate reacts passively to the monetary disruption caused by the attack. This assumption is grossly at odds with actual experience where monetary-base implications of the attacks are usually sterilized. Such sterilization renders the standard monetary-approach attack model unable to provide intellectual guidance to recent attack episodes. In this paper we describe the problems with the standard model and develop a version of the portfolio-balance exchange rate model that allows the study of episodes with sterilization. Sterilized attacks may be regarded as a laboratory test of the monetary versus portfolio-balance exchange rate models. The monetary model fails the test. These issues are motivated by reference to the December 1994 collapse of the Mexican peso.
Author : Linda S. Goldberg
Publisher :
ISBN 13 :
Total Pages : 36 pages
Book Rating : 4.:/5 (318 download)
Download or read book Collapsing Exchange Rate Regimes written by Linda S. Goldberg and published by . This book was released on 1988 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: Patterns in domestic credit creation stemming from inconsistent fiscal policies have received widespread attention for aggravating speculative attacks on central bank foreign exchange reserves and contributing to the collapse of exchange rate regimes. This paper acknowledges the importance of monetary and fiscal discipline, but also emphasizes the importance of other random shocks to the domestic money market, most notably shocks from external credit supplies and relative prices. Policies of the domestic fiscal authorities are only partial catalysts for speculative attacks on a currency. Expansion of domestic credit stemming from the monetization of fiscal imbalances may be dominated by involuntary domestic credit expansions necessitated by surprise shortages in supplies of external capital. Further, the unexpected availability of external capital translates into a lower net critical reserve floor, making the depletion of central bank reserves by a speculative attack more difficult to accomplish. Also of considerable importance are relative price shocks which directly influence the probability of collapse by randomizing the demand for nominal money balances. Empirical studies of exchange rate crises that neglect these considerations will produce biased estimates of both expected collapse probabilities and anticipated post-collapse exchange rates.
Author : Linda S. Goldberg
Publisher :
ISBN 13 :
Total Pages : 219 pages
Book Rating : 4.:/5 (63 download)
Download or read book Collapsing Exchange Rate Regimes written by Linda S. Goldberg and published by . This book was released on 1988 with total page 219 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Collapsing Exchange Rate Regimes written by and published by . This book was released on 1988 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : George S. Tavlas
Publisher : Springer Science & Business Media
ISBN 13 : 1461562899
Total Pages : 247 pages
Book Rating : 4.4/5 (615 download)
Download or read book The Collapse of Exchange Rate Regimes written by George S. Tavlas and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 247 pages. Available in PDF, EPUB and Kindle. Book excerpt: ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Author : William R. Melick
Publisher :
ISBN 13 :
Total Pages : 103 pages
Book Rating : 4.:/5 (178 download)
Download or read book Collapsing Exchange Rate Regimes Under Governmental Optimization written by William R. Melick and published by . This book was released on 1987 with total page 103 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : James Bullard
Publisher :
ISBN 13 :
Total Pages : 54 pages
Book Rating : 4.:/5 (244 download)
Download or read book Collapsing Exchange Rate Regimes written by James Bullard and published by . This book was released on 1991 with total page 54 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Linda S. Goldberg
Publisher :
ISBN 13 :
Total Pages : 17 pages
Book Rating : 4.:/5 (776 download)
Download or read book Collapsing Exchange Rate Regimes written by Linda S. Goldberg and published by . This book was released on 1988 with total page 17 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Ms.Betty C. Daniel
Publisher : International Monetary Fund
ISBN 13 : 1451855451
Total Pages : 19 pages
Book Rating : 4.4/5 (518 download)
Download or read book Fiscal Policy and the Predictability of Exchange Rate Collapse written by Ms.Betty C. Daniel and published by International Monetary Fund. This book was released on 1997-10-01 with total page 19 pages. Available in PDF, EPUB and Kindle. Book excerpt: It is well known that the long-run viability of a fixed exchange rate regime imposes constraints on monetary policy. This paper shows that, in a model with forward-looking agents, short-run viability imposes a fiscal constraint. When policy change, which destroys long-run viability, also violates the fiscal constraint, collapse is instantaneous. Delayed predictable collapse requires satisfaction of the fiscal constraint.
Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
ISBN 13 : 1451852185
Total Pages : 64 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Linda S. Goldberg
Publisher :
ISBN 13 :
Total Pages : 35 pages
Book Rating : 4.:/5 (87 download)
Download or read book Collapsing Exchange Rate Regimes written by Linda S. Goldberg and published by . This book was released on 1988 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Peter M. Garber
Publisher :
ISBN 13 :
Total Pages : 72 pages
Book Rating : 4.:/5 (318 download)
Download or read book The Operation and Collapse of Fixed Exchange Rate Regimes written by Peter M. Garber and published by . This book was released on 1994 with total page 72 pages. Available in PDF, EPUB and Kindle. Book excerpt: The paper reviews the recent literature on exchange rate target zones and on speculative attacks on fixed exchange rates. The influential Krugman model of exchange rate target zones has two main results, namely that credible target zones stabilize exchange rates more than fundamentals (the `honeymoon effect') and that exchange rates depend on fundamentals according to a nonlinear `S-curve' with `smooth pasting.' Almost all the model's empirical implications have been overwhelmingly rejected. Later research has reconciled the theory with empirical results by allowing for imperfectly credible exchange rates and for intra-marginal central bank interventions. That research has also shown that non-linearities and smooth pasting are probably empirically insignificant and that a linear managed-float model is a good approximation to exchange rate target zones. The speculative attack literature has developed models built on the principles of no anticipated price discontinuities, endogenous timing of the speculative attack, and the attack occurring when a finite amount of foreign exchange reserves remain. These models have been extended to include random timing of attacks and alternative post attack regimes. Some empirical tests have been undertaken. In contrast to target zone models, speculative attack models have been influenced by empirical results only to a small extent.
Author : George S Tavlas
Publisher :
ISBN 13 : 9781461562900
Total Pages : 256 pages
Book Rating : 4.5/5 (629 download)
Download or read book The Collapse of Exchange Rate Regimes written by George S Tavlas and published by . This book was released on 1996-12-31 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Mr.Robert P. Flood
Publisher : International Monetary Fund
ISBN 13 : 1451855168
Total Pages : 52 pages
Book Rating : 4.4/5 (518 download)
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.
Author : Linda S. Goldberg
Publisher :
ISBN 13 :
Total Pages : 0 pages
Book Rating : 4.:/5 (933 download)
Download or read book Collapsing Exchange Rate Regimes written by Linda S. Goldberg and published by . This book was released on 1988 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Manh Hung Nguyen
Publisher : Québec : Dép. d'économique, Université Laval
ISBN 13 :
Total Pages : 25 pages
Book Rating : 4.:/5 (227 download)
Download or read book Collapsing Exchange Rate Regime Under Optimal Monetary Policy written by Manh Hung Nguyen and published by Québec : Dép. d'économique, Université Laval. This book was released on 1989* with total page 25 pages. Available in PDF, EPUB and Kindle. Book excerpt:
