Speculative Attacks and Models of Balance-of-Payments Crises / Pierre-Richard Agenor, Jagdeep S. Bhandari, Robert P. Flood.

Format:

Book

Author/Creator:

Agénor, Pierre-Richard, author.

Bhandari, Jagdeep S., author.

Flood, Robert P., author.

Series:

Working paper series (National Bureau of Economic Research) ; Working paper number 3919.

Working paper series (National Bureau of Economic Research) ; Working paper number 3919

Language:

English

Subjects (All):

Balance of payments--Econometric models.

Balance of payments.

Foreign exchange rates--Econometric models.

Foreign exchange rates.

Macroeconomics.

Physical Description:

1 online resource (61, 7 unnumbered pages) : illustrations.

Place of Publication:

Cambridge, MA : National Bureau of Economic Research, 1991.

Summary:

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 are discussed.

Notes:

Description based on publisher supplied metadata and other sources.