Collapsing Controlled Exchange Rates
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Collapsing Controlled Exchange Rates
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Author : Valentijn van Nieuwenhuijzen
language : en
Publisher:
Release Date : 1999
Collapsing Controlled Exchange Rates written by Valentijn van Nieuwenhuijzen and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Foreign exchange rates categories.
Real Effects Of Collapsing Exchange Rate Regimes
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Author : Patrick N. Osakwe
language : en
Publisher:
Release Date : 1999
Real Effects Of Collapsing Exchange Rate Regimes written by Patrick N. Osakwe and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Financial crises categories.
Perspectiveson The Recent Currency Crisis Literature
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1998-09-01
Perspectiveson The Recent Currency Crisis Literature written by Mr.Robert P. Flood and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998-09-01 with Business & Economics categories.
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.
The Collapse Of Exchange Rate Regimes
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Author : George S. Tavlas
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
The Collapse Of Exchange Rate Regimes written by George S. Tavlas and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
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.
Document De Travail
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Author :
language : en
Publisher:
Release Date : 1999
Document De Travail written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Canada categories.
Collapsing Exchange Rate Regime Under Optimal Monetary Control
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Author : Manh Hung Nguyen
language : en
Publisher: Québec : Université Laval, Dép. d'économique
Release Date : 1996
Collapsing Exchange Rate Regime Under Optimal Monetary Control written by Manh Hung Nguyen and has been published by Québec : Université Laval, Dép. d'économique this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996 with categories.
The Collapse Of Exchange Rate Regimes
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Author : George S Tavlas
language : en
Publisher:
Release Date : 1996-12-31
The Collapse Of Exchange Rate Regimes written by George S Tavlas and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1996-12-31 with categories.
Collapsing Exchange Rate Regimes
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Author : Linda S. Goldberg
language : en
Publisher:
Release Date : 1988
Collapsing Exchange Rate Regimes written by Linda S. Goldberg and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1988 with Foreign exchange categories.
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.
Carleton Economic Papers
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Author :
language : en
Publisher:
Release Date : 1999
Carleton Economic Papers written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1999 with Economics categories.
Exchange Rate Regimes In The Twentieth Century
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Author : Derek Howard Aldcroft
language : en
Publisher:
Release Date : 1998
Exchange Rate Regimes In The Twentieth Century written by Derek Howard Aldcroft and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
Provides an account of the evolution of exchange rate regimes in the 20th century, in chronological, non-technical format. Links between the past and present shed light on the merits of different exchange rate systems. Discusses forces that have brought about change in order to determine how different regimes affected the economic environment, considers the merits or otherwise of the respective regimes, and assesses arguments for and against fixed and floating exchange ratesAnnotation copyrighted by Book News, Inc., Portland, OR