Download Currency Speculation in Fixed Exchange Rate Regimes: Theory by Anja Zenker PDF

By Anja Zenker

Speculative foreign money crises appear to have turn into a standard and inevitable phenomenon within the foreign financial procedure. in contrast heritage, a number of techniques were built by means of economists to hide the extensive diversity of occasions during which balance-of-payments crises happened. Anja Zenker offers a accomplished perception into the physique of theoretical and empirical literature approximately foreign money hypothesis in fastened alternate price regimes. the writer discusses various generations of theoretical versions and their empirical relevance in contemporary forex crises. additionally, she considers assorted coverage techniques which try and keep away from speculative assaults on trade price pegs.

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Extra resources for Currency Speculation in Fixed Exchange Rate Regimes: Theory and Empirical Evidence

Example text

Nevertheless, the model is subject to a number of limitations which refer to its simplified structure and to the aasumption of only two assets being available that places ao uorealistic constraint on the government's actions. ) Finally, the KRUGMAN model I also does not give ao explicit solution for the timing of the collapse because the non-linearity of the model leads to several non-tmctable mathernstical expressions. Taylor, 2002, p. 246) Notwithstanding, it was the primary point of reference of the FLoOD-GARBER model which became the standard FGM in the literature about currency speculation.

124). -vis the USA. Here the Bundesbank played a leading role according to its primary objective of domestic price stability whereas other EMS members acccptod the monetary discipline imposed by the Bundesbank. (pilbeam, 1992, p. ) Overview of Fixed Exchange Rate Regimes 21 As we can see from the experience with multilateral fixed exchange rate regimes, the breakdown of a fixed exchange rate system is often accompanied by speculative attacks on currencies under devaluation or revaluation pressures.

124). -vis the USA. Here the Bundesbank played a leading role according to its primary objective of domestic price stability whereas other EMS members acccptod the monetary discipline imposed by the Bundesbank. (pilbeam, 1992, p. ) Overview of Fixed Exchange Rate Regimes 21 As we can see from the experience with multilateral fixed exchange rate regimes, the breakdown of a fixed exchange rate system is often accompanied by speculative attacks on currencies under devaluation or revaluation pressures.

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