Speculative Bubbles, Speculative Attacks, and Policy Switching
Title | Speculative Bubbles, Speculative Attacks, and Policy Switching PDF eBook |
Author | Robert P. Flood |
Publisher | MIT Press |
Pages | 528 |
Release | 1994 |
Genre | Business & Economics |
ISBN | 9780262061698 |
The papers in this book are grouped into three sections: the first on price bubbles is primarily financial; the second on speculative attacks (on exchange rate regimes) is international in scope; and the third, on policy switching, is concerned with monetary policy.
Speculative Attacks
Title | Speculative Attacks PDF eBook |
Author | Mr.Guillermo Calvo |
Publisher | International Monetary Fund |
Pages | 7 |
Release | 1991-01-01 |
Genre | Business & Economics |
ISBN | 1451926510 |
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 discussed. Also, potential areas for future research on balance-of-payments crises are suggested.
Speculative Attacks
Title | Speculative Attacks PDF eBook |
Author | Pablo E. Guidotti |
Publisher | |
Pages | 7 |
Release | 2006 |
Genre | |
ISBN |
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 discussed. Also, potential areas for future research on balance-of-payments crises are suggested.
Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze
Title | Speculative Attacks, Forward Market Intervention and the Classic Bear Squeeze PDF eBook |
Author | Mr.Subir Lall |
Publisher | International Monetary Fund |
Pages | 38 |
Release | 1997-12-01 |
Genre | Business & Economics |
ISBN | 1451980205 |
A typical strategy used by speculators to launch an attack on a fixed exchange regime is the use of forward markets. Central banks also intervene in forward markets to counter speculation. This paper addresses the question of how an attack is launched on the forward market, and what the optimal policy response to such speculation is in the forward and spot markets. The paper also demonstrates how central banks can impose a bear squeeze on speculators. Recent events in South East Asian currency markets are interpreted within the framework of the model’s predictions.
Speculative Attacks and Models of Balance of Payments Crises
Title | Speculative Attacks and Models of Balance of Payments Crises PDF eBook |
Author | Mr.Robert P. Flood |
Publisher | International Monetary Fund |
Pages | 64 |
Release | 1991-10-01 |
Genre | Business & Economics |
ISBN | 1451852185 |
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.
Speculative Attacks and Currency Crises
Title | Speculative Attacks and Currency Crises PDF eBook |
Author | Ms.Inci Ötker |
Publisher | International Monetary Fund |
Pages | 38 |
Release | 1995-11-01 |
Genre | Business & Economics |
ISBN | 1451853548 |
This paper estimates a speculative attack model of currency crises in order to identify the role of economic fundamentals and any early warning signals of a potential currency crisis. The data from the Mexican economy was used to illustrate the model. Based on the results, a deterioration in fundamentals appears to have generated high one-step-ahead probabilities for the regime changes during the sample period 1982-1994. Particularly, increases in inflation differentials, appreciations of the real exchange rate, foreign reserve losses, expansionary monetary and fiscal policies, and increases in the share of short-term foreign currency debt appear to have contributed to the market pressures and regime changes in that period.
Speculative Attacks
Title | Speculative Attacks PDF eBook |
Author | Guillermo A. Calvo |
Publisher | |
Pages | 0 |
Release | 1991 |
Genre | Balance of payments |
ISBN |