Currency Crisis
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Currency Crises
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Author : Paul Krugman
language : en
Publisher: University of Chicago Press
Release Date : 2007-12-01
Currency Crises written by Paul Krugman and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-12-01 with Business & Economics categories.
There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.
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 Currency Crisis In Southeast Asia
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Author : Manuel F. Montes
language : en
Publisher: Institute of Southeast Asian Studies
Release Date : 1998
The Currency Crisis In Southeast Asia written by Manuel F. Montes and has been published by Institute of Southeast Asian Studies this book supported file pdf, txt, epub, kindle and other format this book has been release on 1998 with Business & Economics categories.
The deep currency crisis which erupted in the beginning of July 1997 among the rapidly growing economies of Southeast Asia raises the question: "Have the rapid rates of growth in the late 1980s and early 1990s mortgaged the economic futures of these economies?" This book examines the economic bases for the crisis and characterizes the nature of the policy weaknesses that led to the crisis. Drawing on the specific features of the crises in Thailand, Korea, and Indonesia and the pattern of contagion in the region, this Updated Edition suggests a list of global policy lessons that can be distilled from Asia's crisis.
Managing Currency Crises In Emerging Markets
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Author : Michael P. Dooley
language : en
Publisher: University of Chicago Press
Release Date : 2007-11-01
Managing Currency Crises In Emerging Markets written by Michael P. Dooley and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2007-11-01 with Business & Economics categories.
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.
Implicatoins Of The Currency Crisis For Exchange Rate Arrangements In Emerging East Asia
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Author :
language : en
Publisher: World Bank Publications
Release Date :
Implicatoins Of The Currency Crisis For Exchange Rate Arrangements In Emerging East Asia written by and has been published by World Bank Publications this book supported file pdf, txt, epub, kindle and other format this book has been release on with categories.
Exchange Rates Currency Crisis And Monetary Cooperation In Asia
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Author : R. Rajan
language : en
Publisher: Springer
Release Date : 2009-03-26
Exchange Rates Currency Crisis And Monetary Cooperation In Asia written by R. Rajan and has been published by Springer this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-03-26 with Business & Economics categories.
This book concentrates on exchange rates and their macroeconomic consequences, analytical and empirical issues relating to currency crises and policy responses and monetary and financial cooperation in Asia. It is truely pan-Asia-focused with chapters on China, Japan, Korea, India and Southeast Asia.
Leading Indicators Of Currency Crises
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Author : Graciela Laura Kaminsky
language : en
Publisher: International Monetary Fund
Release Date : 1997-07-01
Leading Indicators Of Currency Crises written by Graciela Laura Kaminsky 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 1997-07-01 with Business & Economics categories.
This paper examines the empirical evidence on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place within the following 24 months. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, the ratio of broad money to gross international reserves, output, and equity prices.
The Asian Currency Crisis
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Author : Gerald Tan
language : en
Publisher: Cavendish Square Publishing
Release Date : 2000
The Asian Currency Crisis written by Gerald Tan and has been published by Cavendish Square Publishing this book supported file pdf, txt, epub, kindle and other format this book has been release on 2000 with Asia categories.
This book is a fascinating account of the financial disaster which overtook Southeast Asia in 1997. The author explains the causes, events, reactions, and effects of the Asian currency crisis. Starting with the crash of the Thai baht, Professor Tan traces the chain of events and details the economic, social and political consequences in the countries involved, plus the responses of the major economic institutions like the World Bank and IMF are described. He also includes a chapter on the Asian economic miracle in the years before the crash, and asks whether that sort of growth is sustainable anyway. The final chapters deal with the lessons to be learned and the possible paths to recovery. This book is essential reading for anyone in the fields of finance, economics, or politics, but it is also interesting and accessible to the lay reader with an interest in world economies.
Information Dissemination In Currency Crises
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Author : Christina Evelies Metz
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
Information Dissemination In Currency Crises written by Christina Evelies Metz 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.
As the complexity of financial markets keeps growing, so does the need to understand the decision-making and the coordination of the exsuing actions in the marketplace. In particular, the disclosure of information to market participants and its impact on the market outcome mertis attention. This study analyses the role of private and public information in currency crises. Calls for increased dissemination of economic and policy-related information by central banks notwithstanding, the study shows that transparency is not generally conductive to preventing speculative attacks in fixed exchange-rate regimes. Rather, the role of private and public information in the market-place depencs critically on the prevailing market sentiment. The study also highlights the import of market transparency design in an environment that allows for herding and market leadership of individual speculators.
Preventing Currency Crises In Emerging Markets
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Author : Sebastian Edwards
language : en
Publisher: University of Chicago Press
Release Date : 2009-02-15
Preventing Currency Crises In Emerging Markets written by Sebastian Edwards and has been published by University of Chicago Press this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009-02-15 with Business & Economics categories.
Economists and policymakers are still trying to understand the lessons recent financial crises in Asia and other emerging market countries hold for the future of the global financial system. In this timely and important volume, distinguished academics, officials in multilateral organizations, and public and private sector economists explore the causes of and effective policy responses to international currency crises. Topics covered include exchange rate regimes, contagion (transmission of currency crises across countries), the current account of the balance of payments, the role of private sector investors and of speculators, the reaction of the official sector (including the multilaterals), capital controls, bank supervision and weaknesses, and the roles of cronyism, corruption, and large players (including hedge funds). Ably balancing detailed case studies, cross-country comparisons, and theoretical concerns, this book will make a major contribution to ongoing efforts to understand and prevent international currency crises.