Speculative attacks and models of balance-of-payments crises.Ĭambridge, MA: National Bureau of Economic Research, (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Pierre-Richard Agénor Jagdeep S Bhandari Robert P Flood National Bureau of Economic Research. This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises.Ī simple analytical model highlighting the process leading to such crises is first. Speculative attacks and models of balance-of-payments crises. Issued in November NBER Program(s):International Trade and Investment, International Finance and Macroeconomics This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. Speculative Attacks and Models of Balance-of-Payments Crises Pierre-Richard Agenor, Jagdeep S.
#Pierre rochard speculative attack pdf
Speculative attacks and models of balance-of-payment crises by Pierre-Richard Agenor Download PDF EPUB FB2 Latin American crises, the ERM breakdown, and the recent Asian crisis), and points to gaps in the theoretical literature for. The paper outlines the correspondence of the models to different cases of crisis (e.g. Abstract: This survey discusses theoretical models of speculative attack and currency crises, and reviews the empirical evidence. This finding stands in sharp contrast to so-called first-generation models of speculative. In his paper "The Logic of Currency Crises", Obstfeld introduced a model with a key realization: an attack against a currency can be triggered by self-fulfilling expectations of future depreciation.
Why countries find it useful to depreciate, and why those with pegs don't. Although such crises-the Latin American debt crisis of the s, the speculations on European currencies in the early s, and the. There is no universally accepted definition of a currency crisis, but most would agree that they all involve one key element: investors fleeing a currency en masse out of fear that it might be devalued, in turn fueling the very devaluation they anticipated. () have proposed.įectly fixed exchange rate, and attribute speculative attacks to the incon-sistency and unsustainability of such policies.2 It argues that persistent over-expansionary monetary or fiscal policies, for example, will trigger a speculative attack, and thereby lead to a balance of payment crisis. the currency crises or speculative attack s on a currency. The next section focuses on the definition and chronology of the crises and other events. The aim there is to assess whether the two crises share a common macroeconomic background.
#Pierre rochard speculative attack series
Flood.Įconomic research working paper series / International Monetary Fund, Research Department - no.99, Economic research working paper (International Monetary Fund, Research Department) - no.99.Ĭrises and speculative attacks, along the lines ofEichengreen, Rose, and Wyplosz () and Frankel and Rose ().
Speculative attacks and models of balance-of-payment crises by Pierre-Richard Agenorīy International Monetary Fund, Research Department in Washington.
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