A Model of the ERM Crisis
| Author | : F. Gulcin Ozkan |
| Publisher | : |
| Total Pages | : 44 |
| Release | : 1994 |
| Genre | : EMS |
| ISBN | : |
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Interpreting the ERM Crisis
| Author | : Willem H. Buiter |
| Publisher | : Princeton University International Finance Section, Department of Econmics |
| Total Pages | : 88 |
| Release | : 1998 |
| Genre | : Business & Economics |
| ISBN | : |
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This study interprets key aspects of the ERM crisis and presents a model of an integrated EU economy?including both country-specific macroeconomic conditions and global shocks?that focuses on the systemic forces linking the revision of market expectations and the asymmetric policy responses as different dimensions of the same equilibrium outcome. It analyzes the implications of changes in the degree and modalities of policy coordination on the equilibrium exchange-rate parities in Europe and shows how the traditional theory of currency crises can be generalized in a multicountry framework, in which the "fundamentals" are augmented so as to include the rules regulating coordination (or competition) among policymakers.
The European Exchange Rate Mechanism (ERM) crisis of 1992 and the Pound Sterling Crisis
| Author | : Andre Korbas |
| Publisher | : GRIN Verlag |
| Total Pages | : 25 |
| Release | : 2021-01-04 |
| Genre | : Business & Economics |
| ISBN | : 3346322521 |
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Seminar paper from the year 2020 in the subject Economics - Finance, grade: 1.7, University of Hamburg (Fakultät für Wirtschafts- und Sozialwissenschaften), course: Währungs- und Finanzkrisen, language: English, abstract: This short seminar paper introduces the theory and fundamentals as well as the history and mechanisms which led to the creation of the European Monetary System (EMS) and later the European Economic and Monetary Union (EMU). It also follows the events culminating into the EMS’ crisis in 1992 and the permanent departure of the United Kingdom from this system. With the introduction of the EMU and the expansion of the European Union (EU) in the early years of the new millennium, the question arises of whether it is advisable for the newer members to become part of the European Exchange Rate mechanism-II (ERM-II) which leads to the introduction of the Euro in the future. The scope of this work only allows for a very pinpoint answer for this very complex topic but is a first step into more comprehensive and detailed literature.
ERM crisis and financial market instability: some evidence from a monthly econometric model
| Author | : Enrico Giovannini |
| Publisher | : |
| Total Pages | : 20 |
| Release | : 1994 |
| Genre | : |
| ISBN | : |
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The EMS Crisis in Retrospect
| Author | : Barry J. Eichengreen |
| Publisher | : |
| Total Pages | : 84 |
| Release | : 2001 |
| Genre | : Economics |
| ISBN | : |
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This paper reconsiders the 1992-3 crisis in the European Monetary System in light of its emerging market successors. That episode was a predecessor of the Mexican and Asian crises in the sense that both capital movements and domestic financial fragility placed important roles. The output effects of this currency crisis resemble those of the typical emerging market crisis as much as they do the moderate effects of the typical industrial-country event of its kind to take place in an environment of fully free capital mobility. Leading indicator models' constructed using data from the Tequila and the Asian flu are shown to do a surprisingly good job at backcasting' which European countries suffered currency instability in 1992-3, although these models also point to what was distinctive about the European case.
Financial Crises Explanations, Types, and Implications
| Author | : Mr.Stijn Claessens |
| Publisher | : International Monetary Fund |
| Total Pages | : 66 |
| Release | : 2013-01-30 |
| Genre | : Business & Economics |
| ISBN | : 1475561008 |
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This paper reviews the literature on financial crises focusing on three specific aspects. First, what are the main factors explaining financial crises? Since many theories on the sources of financial crises highlight the importance of sharp fluctuations in asset and credit markets, the paper briefly reviews theoretical and empirical studies on developments in these markets around financial crises. Second, what are the major types of financial crises? The paper focuses on the main theoretical and empirical explanations of four types of financial crises—currency crises, sudden stops, debt crises, and banking crises—and presents a survey of the literature that attempts to identify these episodes. Third, what are the real and financial sector implications of crises? The paper briefly reviews the short- and medium-run implications of crises for the real economy and financial sector. It concludes with a summary of the main lessons from the literature and future research directions.
Black Wednesday 1992. Crisis Scenario around the British Pound and One-Way-Bet Scenario
| Author | : Jacqueline Rausch |
| Publisher | : GRIN Verlag |
| Total Pages | : 18 |
| Release | : 2015-05-20 |
| Genre | : Business & Economics |
| ISBN | : 3656964130 |
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Seminar paper from the year 2013 in the subject Economics - Macro-economics, general, grade: 1,3, German Graduate School of Management and Law gGmbH, course: Economics, language: English, abstract: This paper deals with what is called Black Wednesday in politics and economics. The Black Wednesday refers to the 16th September 1992 when the British government was forced to leave the European Exchange Rate Mechanism (ERM) after they had become unable to keep the currency above its agreed lower limit. In chapter 2 the scenario around the British pound is described. Macroeconomic variables are provided as well as a short introduction to the ERM. The theory of speculative attacks regarding the impossible trinity is applied to the British pound and a historical review of the crisis itself is given. In chapter 3 the question "Why did the British pound crisis represent a classical one-way-bet scenario?" is anwered. Chapter 4 deals with the perspective of the German central bank. Additional data, why speculants such as George Soros could be so confident about the German reluctance to support the British pound are provided. In chapter 5 a description of the investment strategy of George Soros can be found as well as the downside risk related to this strategy.
European Monetary Integration: from the European Monetary System to Monetary Union
| Author | : Daniel Gros |
| Publisher | : |
| Total Pages | : 320 |
| Release | : 1992 |
| Genre | : |
| ISBN | : 9780582079229 |
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Interpreting the Erm Crisis
| Author | : Willem H. Buiter |
| Publisher | : |
| Total Pages | : 0 |
| Release | : 1998 |
| Genre | : European Union countries |
| ISBN | : |
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Capital-market Imperfections and the Macroeconomic Dynamics of Small Indebted Economies
| Author | : Alessandro Prati |
| Publisher | : |
| Total Pages | : 64 |
| Release | : 1997 |
| Genre | : Banks and banking, Central |
| ISBN | : 9780881652543 |
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