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| Author | : Philippe Aghion |
| Publisher | : |
| Total Pages | : 60 |
| Release | : 2000 |
| Genre | : Credit control |
| ISBN | : |
| Author | : Shakill Hassan |
| Publisher | : |
| Total Pages | : 13 |
| Release | : 2006 |
| Genre | : Credit control |
| ISBN | : |
"This paper revisits the currency crises model of Aghion, Bacchetta and Banerjeee (2000, 2001, 2004), who show that if there exist nominal price rigidities and private sector credit constraints, and the credit multiplier depends on real interest rates, then the optimal monetary policy response to the threat of a currency crisis is restrictive. We demonstrate that this result is primarily due to the uncovered interest parity assumption. Assuming that the exchange rate is a martingale restores the case for expansionary reaction \2014 even with foreign-currency debt in firms\2019 balance sheets. The effect of lower interest rates on output can help restore the value of the currency due to increased money demand"--Publisher's website.
| Author | : U. Michael Bergman |
| Publisher | : |
| Total Pages | : |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
| Author | : U. Michael Bergman |
| Publisher | : |
| Total Pages | : |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
| Author | : U. Michael Bergman |
| Publisher | : |
| Total Pages | : |
| Release | : 2008 |
| Genre | : |
| ISBN | : |
| Author | : Mr.Robert P. Flood |
| Publisher | : International Monetary Fund |
| Total Pages | : 52 |
| Release | : 1998-09-01 |
| Genre | : Business & Economics |
| ISBN | : 1451855168 |
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.
| Author | : Philippe Aghion |
| Publisher | : Oxford University Press, USA |
| Total Pages | : 159 |
| Release | : 2005-07-28 |
| Genre | : Business & Economics |
| ISBN | : 0199248613 |
An original work containing new theory and empirical analyses on the macropolicy of growth. Provides a new approach capable of generating relevant policy prescriptions. Written in an accessible style using simple models.
| Author | : Mr.Stijn Claessens |
| Publisher | : International Monetary Fund |
| Total Pages | : 66 |
| Release | : 2013-01-30 |
| Genre | : Business & Economics |
| ISBN | : 1475561008 |
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.
| Author | : Percy L. Greaves |
| Publisher | : Ludwig von Mises Institute |
| Total Pages | : 336 |
| Release | : 1973 |
| Genre | : Economics |
| ISBN | : 1610163125 |
| Author | : Sebastian Edwards |
| Publisher | : University of Chicago Press |
| Total Pages | : 783 |
| Release | : 2009-02-15 |
| Genre | : Business & Economics |
| ISBN | : 0226185052 |
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.
