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Perspectiveson the Recent Currency Crisis Literature

Perspectiveson the Recent Currency Crisis Literature »

Source: Perspectiveson the Recent Currency Crisis Literature

Volume/Issue: 1998/130

Series: IMF Working Papers

Author(s): Nancy Marion , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 September 1998

ISBN: 9781451855166

Keywords: Speculative attack, currency crisis, exchange rate, fixed exchange rate, speculative attacks, domestic credit

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...

Speculative Attacks*

Speculative Attacks* »

Source: Speculative Attacks

Volume/Issue: 1991/10

Series: IMF Working Papers

Author(s): Pablo Guidotti , and Guillermo Calvo

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 January 1991

ISBN: 9781451926514

Keywords: exchange rate, speculative attack, domestic credit, speculative attacks, exchange rate regime

A brief survey of the literature on speculative attacks is provided. The nature and causes of balance-of-payments crises, the implications for the behavior of the current account and the real exchange rate are disc...

Speculative Attacks and Models of Balance of Payments Crises

Speculative Attacks and Models of Balance of Payments Crises »

Source: Speculative Attacks and Models of Balance of Payments Crises

Volume/Issue: 1991/99

Series: IMF Working Papers

Author(s): Robert Flood , Jagdeep Bhandari , and Pierre-Richard Agénor

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 1991

ISBN: 9781451852189

Keywords: exchange rate, domestic credit, speculative attack, real exchange rate, fixed exchange rate, Speculative Attacks,

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 basi...

Financial Market Spillovers in Transition Economies

Financial Market Spillovers in Transition Economies »

Source: Financial Market Spillovers in Transition Economies

Volume/Issue: 2000/71

Series: IMF Working Papers

Author(s): Ratna Sahay , and R. Gelos

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 March 2000

ISBN: 9781451849233

Keywords: contagion, speculative attacks, correlations, stock market, correlation, granger causality

This paper examines financial market comovements across European transition economies and compares their experience to that of their regions. Correlations in monthly indices of exchange market pressures can partly...

An Interest Rate Defense of a Fixed Exchange Rate?

An Interest Rate Defense of a Fixed Exchange Rate? »

Source: An Interest Rate Defense of a Fixed Exchange Rate?

Volume/Issue: 2000/159

Series: IMF Working Papers

Author(s): Olivier Jeanne , and Robert Flood

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 October 2000

ISBN: 9781451857665

Keywords: Speculative attack, fixed exchange rate regime, exchange rate, bonds, domestic-currency, interest rate policy, international reserves

Defending a government’s exchange-rate commitment with active interest rate policy is not an option in the Krugman-Flood-Garber (KFG) model of speculative attacks. In that model, the interest rate is the pas...

Soft Exchange Rate Bands and Speculative Attacks

Soft Exchange Rate Bands and Speculative Attacks »

Source: Soft Exchange Rate Bands and Speculative Attacks : Theory, and Evidence from the ERM since August 1993

Volume/Issue: 1998/156

Series: IMF Working Papers

Author(s): Leonardo Bartolini , and Alessandro Prati

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 1998

ISBN: 9781451857375

Keywords: Exchange rate target zones, speculative attacks, exchange rate, exchange rates, equation, exchange rate target, currency markets

We present a model of a “soft” exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past excha...

Speculative Attacks in the Asian Crisis

Speculative Attacks in the Asian Crisis »

Source: Speculative Attacks in the Asian Crisis

Volume/Issue: 2001/189

Series: IMF Working Papers

Author(s): Zhiwei Zhang

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 November 2001

ISBN: 9781451859614

Keywords: ACH, currency crisis, duration analysis, contagion, speculative attacks, asian crisis, currency crises, equation, Econometric Modeling,

This paper takes the Asian crisis as an example to show that the Autoregressive Conditional Hazard (ACH) model is a powerful tool for studying the time series features of speculative attacks. The ACH model proposes...

Multiple Equilibria, Contagion, and the Emerging Market Crises

Multiple Equilibria, Contagion, and the Emerging Market Crises »

Source: Multiple Equilibria, Contagion, and the Emerging Market Crises

Volume/Issue: 1999/164

Series: IMF Working Papers

Author(s): Paul Masson

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 December 1999

ISBN: 9781451857979

Keywords: contagion, multiple equilibria, currency crisis, capital flows, speculative attack, capital account liberalization, bank runs

The paper surveys the types of models producing multiple equilibria in financial markets. It argues that such models are consistent with observed phenomena, such as the greater volatility of financial asset prices...

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint

Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint »

Source: Collapse of a Crawling Peg Regime in the Presence of a Government Budget Constraint

Volume/Issue: 1991/42

Series: IMF Working Papers

Author(s): Miguel Savastano

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 1991

ISBN: 9781451846140

Keywords: exchange rate, domestic credit, exchange rate regime, speculative attack, exchange rate policies

This study extends the research on balance-of-payments crises by investigating the dynamics of the collapse of a crawling exchange rate in the presence of an explicit link between the fiscal deficit and domestic cr...

Balance of Payments Crises Under Inflation Targeting

Balance of Payments Crises Under Inflation Targeting »

Source: Balance of Payments Crises Under Inflation Targeting

Volume/Issue: 2007/84

Series: IMF Working Papers

Author(s): Shujing Li , Isabel Yan , and Michael Kumhof

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 April 2007

ISBN: 9781451866483

Keywords: Balance of payments crisis, exchange rate targeting, flow speculative attack, inflation, exchange rate,

This paper analyzes a small open economy model under inflation targeting. It shows why such a monetary regime is vulnerable to speculative attacks that take place over a short period rather than instantaneously. Th...