Collapsing Exchange Rate Regime Under Optimal Monetary Control
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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.
Collapsing Exchange Rate Regime Under Optimal Monetary Policy
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Author : Manh Hung Nguyen
language : en
Publisher: Québec : Dép. d'économique, Université Laval
Release Date : 1989*
Collapsing Exchange Rate Regime Under Optimal Monetary Policy written by Manh Hung Nguyen and has been published by Québec : Dép. d'économique, Université Laval this book supported file pdf, txt, epub, kindle and other format this book has been release on 1989* with 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.
Speculative Attacks And Models Of Balance Of Payments Crises
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Author : Mr.Robert P. Flood
language : en
Publisher: International Monetary Fund
Release Date : 1991-10-01
Speculative Attacks And Models Of Balance Of Payments Crises 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 1991-10-01 with Business & Economics categories.
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.
Collapsing Exchange Rate Regimes
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Author : Robert P. Flood
language : en
Publisher:
Release Date : 1995
Collapsing Exchange Rate Regimes written by Robert P. Flood and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1995 with Balance of payments categories.
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.
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.
Optimal Monetary Policy In A Regime Switching Economy
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Author : Fabrizio Zampolli
language : en
Publisher:
Release Date : 2006
Optimal Monetary Policy In A Regime Switching Economy written by Fabrizio Zampolli and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2006 with categories.
Real And Monetary Aspects Of French Exchange Rate Policy Under The Fourth Republic
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Author : Gilles Saint-Paul
language : en
Publisher:
Release Date : 1993
Real And Monetary Aspects Of French Exchange Rate Policy Under The Fourth Republic written by Gilles Saint-Paul and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1993 with Economics categories.
The Operation And Collapse Of Fixed Exchange Rate Regimes
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Author : Peter M. Garber
language : en
Publisher:
Release Date : 1994
The Operation And Collapse Of Fixed Exchange Rate Regimes written by Peter M. Garber and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 1994 with Foreign exchange rates categories.
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.
Fiscal Policy And The Predictability Of Exchange Rate Collapse
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Author : Betty C. Daniel
language : en
Publisher: International Monetary Fund
Release Date : 1997-10
Fiscal Policy And The Predictability Of Exchange Rate Collapse written by Betty C. Daniel 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 1997-10 with Business & Economics categories.
The paper addresses the predictability of exchange rate crisis.