Currency Crises

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Currencies and Crises

Paul Krugman
Currencies and Crises Book PDF

Author : Paul Krugman
Publisher : MIT Press
Page : 244 pages
File Size : 42,5 Mb
Release : 1995-02-23
Category : Business & Economics
ISBN : 0262611090

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Currencies and Crises by Paul Krugman Pdf

This new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "involved one surprise after another, most of them unpleasant." Paul Krugman's first collection of essays, Rethinking International Trade, mounted a spirited assault on established trade theory and proposed an alternative approach to account for increasing returns and imperfect competition. Less theoretical and more embedded in real-world experience, this new collection revolves around Krugman's work on international monetary economics from the late 1970s to the present in an effort to make sense of a turbulent period that "involved one surprise after another, most of them unpleasant." The eleven essays cover such key areas as the role of exchange rates in balance-of-payments adjustment policy, the role of speculation in the functioning of exchange rate regimes, Third World debt, and the construction of an international monetary system. They are unified by the same basic methodology and style the construction of a small theoretical model in order to simplify or clarify a puzzling or difficult world monetary problem.

Currency Crises

Paul Krugman
Currency Crises Book PDF

Author : Paul Krugman
Publisher : University of Chicago Press
Page : 367 pages
File Size : 49,5 Mb
Release : 2007-12-01
Category : Business & Economics
ISBN : 9780226454641

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Currency Crises by Paul Krugman Pdf

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. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.

Managing Currency Crises in Emerging Markets

Michael P. Dooley,Jeffrey A. Frankel
Managing Currency Crises in Emerging Markets Book PDF

Author : Michael P. Dooley,Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 456 pages
File Size : 40,6 Mb
Release : 2007-11-01
Category : Business & Economics
ISBN : 9780226155425

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Managing Currency Crises in Emerging Markets by Michael P. Dooley,Jeffrey A. Frankel Pdf

The management of financial crises in emerging markets is a vital and high-stakes challenge in an increasingly global economy. For this reason, it's also a highly contentious issue in today's public policy circles. In this book, leading economists-many of whom have also participated in policy debates on these issues-consider how best to reduce the frequency and cost of such crises. The contributions here explore the management process from the beginning of a crisis to the long-term effects of the techniques used to minimize it. The first three chapters focus on the earliest responses and the immediate defense of a currency under attack, exploring whether unnecessary damage to economies can be avoided by adopting the right response within the first few days of a financial crisis. Next, contributors examine the adjustment programs that follow, considering how to design these programs so that they shorten the recovery phase, encourage economic growth, and minimize the probability of future difficulties. Finally, the last four papers analyze the actual effects of adjustment programs, asking whether they accomplish what they are designed to do-and whether, as many critics assert, they impose disproportionate costs on the poorest members of society. Recent high-profile currency crises have proven not only how harmful they can be to neighboring economies and trading partners, but also how important policy responses can be in determining their duration and severity. Economists and policymakers will welcome the insightful evaluations in this important volume, and those of its companion, Sebastian Edwards and Jeffrey A. Frankel's Preventing Currency Crises in Emerging Markets.

Preventing Currency Crises in Emerging Markets

Sebastian Edwards,Jeffrey A. Frankel
Preventing Currency Crises in Emerging Markets Book PDF

Author : Sebastian Edwards,Jeffrey A. Frankel
Publisher : University of Chicago Press
Page : 783 pages
File Size : 49,5 Mb
Release : 2009-02-15
Category : Business & Economics
ISBN : 9780226185057

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Preventing Currency Crises in Emerging Markets by Sebastian Edwards,Jeffrey A. Frankel Pdf

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.

Perspectiveson the Recent Currency Crisis Literature

Mr.Robert P. Flood,Ms.Nancy P. Marion
Perspectiveson the Recent Currency Crisis Literature Book PDF

Author : Mr.Robert P. Flood,Ms.Nancy P. Marion
Publisher : International Monetary Fund
Page : 52 pages
File Size : 48,6 Mb
Release : 1998-09-01
Category : Business & Economics
ISBN : 9781451855166

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Perspectiveson the Recent Currency Crisis Literature by Mr.Robert P. Flood,Ms.Nancy P. Marion Pdf

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.

Information Dissemination in Currency Crises

Christina Evelies Metz
Information Dissemination in Currency Crises Book PDF

Author : Christina Evelies Metz
Publisher : Springer Science & Business Media
Page : 236 pages
File Size : 54,6 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9783642554711

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Information Dissemination in Currency Crises by Christina Evelies Metz Pdf

As the complexity of financial markets keeps growing, so does the need to understand the decision-making and the coordination of the exsuing actions in the marketplace. In particular, the disclosure of information to market participants and its impact on the market outcome mertis attention. This study analyses the role of private and public information in currency crises. Calls for increased dissemination of economic and policy-related information by central banks notwithstanding, the study shows that transparency is not generally conductive to preventing speculative attacks in fixed exchange-rate regimes. Rather, the role of private and public information in the market-place depencs critically on the prevailing market sentiment. The study also highlights the import of market transparency design in an environment that allows for herding and market leadership of individual speculators.

Leading Indicators of Currency Crises

Graciela Laura Kaminsky
Leading Indicators of Currency Crises Book PDF

Author : Graciela Laura Kaminsky
Publisher : International Monetary Fund
Page : 44 pages
File Size : 40,9 Mb
Release : 1997-07-01
Category : Business & Economics
ISBN : 9781451955866

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Leading Indicators of Currency Crises by Graciela Laura Kaminsky Pdf

This paper examines the empirical evidence on currency crises and proposes a specific early warning system. This system involves monitoring the evolution of several indicators that tend to exhibit an unusual behavior in the periods preceding a crisis. When an indicator exceeds a certain threshold value, this is interpreted as a warning “signal” that a currency crisis may take place within the following 24 months. The variables that have the best track record within this approach include exports, deviations of the real exchange rate from trend, the ratio of broad money to gross international reserves, output, and equity prices.

The Determinants of Currency Crises

B. Rother
The Determinants of Currency Crises Book PDF

Author : B. Rother
Publisher : Springer
Page : 188 pages
File Size : 43,7 Mb
Release : 2009-04-17
Category : Political Science
ISBN : 9780230233645

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The Determinants of Currency Crises by B. Rother Pdf

This book explores the role of political factors in the occurrence of currency crises, using an eclectic approach that blends case studies, a rigorous theoretical discussion, and econometric analysis.

International Money Flows and Currency Crises

Istvan Gyongyossy
International Money Flows and Currency Crises Book PDF

Author : Istvan Gyongyossy
Publisher : Springer Science & Business Media
Page : 159 pages
File Size : 41,8 Mb
Release : 2013-06-29
Category : Business & Economics
ISBN : 9789401719476

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International Money Flows and Currency Crises by Istvan Gyongyossy Pdf

The author had already become involved with the subject of this book when President Nixon suspended the convertibility of the dollar on August 15, 1971. This declaration was equivalent to an official admission of the previously evident failure of the inter national monetary system established in Bretton Woods after long and difficult negotiations. Although the real reasons for this failure are much deeper and more complex, the immediate cause was the tremendous outjlow of money from the United States to Europe and Japan. Never before had economic history recorded a currency movement of such magnitude, although during the periods preceding the devaluation of the French franc and the re valuation of the Deutsche Mark (Le. , by the end of 1968 and mostly in 1969), and particularly at the beginning of 1971, the in ternational flow of money grew to such huge proportions as to alm ost traumatize the economic and financial circles of developed capitalist countries. These economic and financial circles correctly foresaw that the ever growing and hardly controllable volume of currency flow could seriously endanger the already precarious balance of the international financial system and perhaps even upset it. This brief analysis, in contrast to many other predictions of cur rency developments, holds true for a longer period as well.

European Currency Crises and After

Christian Bordes-Marcilloux
European Currency Crises and After Book PDF

Author : Christian Bordes-Marcilloux
Publisher : Manchester University Press
Page : 282 pages
File Size : 55,8 Mb
Release : 1995
Category : Currency crises
ISBN : 0719047072

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European Currency Crises and After by Christian Bordes-Marcilloux Pdf

The speculative crises of 1992-93, which shook the EMS, left in their wake a series of questions about the monetary future of Europe, exchange rate behaviour and exchange-rate policy. This book explores these questions from the varying standpoints of econo

Currency Crises in Emerging Markets

Marek Dabrowski
Currency Crises in Emerging Markets Book PDF

Author : Marek Dabrowski
Publisher : Springer Science & Business Media
Page : 309 pages
File Size : 42,5 Mb
Release : 2012-12-06
Category : Business & Economics
ISBN : 9781461503439

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Currency Crises in Emerging Markets by Marek Dabrowski Pdf

Currency Crises in Emerging Markets, prepared by Warsaw-based Center for Social and Economic Research (CASE), discusses various aspects of currency crises in emerging-market economies: The definitions and theoretical models of currency crises, the causes, management and propagation (contagion effect) of crises, their economic, social and policy consequences, the role of international financial institutions, and crisis prevention. In addition, five case studies of currency crises in Central and Eastern Europe are presented.

Currency Wars

James Rickards
Currency Wars Book PDF

Author : James Rickards
Publisher : Penguin
Page : 330 pages
File Size : 47,9 Mb
Release : 2011-11-10
Category : Business & Economics
ISBN : 9781101558898

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Currency Wars by James Rickards Pdf

In 1971, President Nixon imposed national price controls and took the United States off the gold standard, an extreme measure intended to end an ongoing currency war that had destroyed faith in the U.S. dollar. Today we are engaged in a new currency war, and this time the consequences will be far worse than those that confronted Nixon. Currency wars are one of the most destructive and feared outcomes in international economics. At best, they offer the sorry spectacle of countries' stealing growth from their trading partners. At worst, they degenerate into sequential bouts of inflation, recession, retaliation, and sometimes actual violence. Left unchecked, the next currency war could lead to a crisis worse than the panic of 2008. Currency wars have happened before-twice in the last century alone-and they always end badly. Time and again, paper currencies have collapsed, assets have been frozen, gold has been confiscated, and capital controls have been imposed. And the next crash is overdue. Recent headlines about the debasement of the dollar, bailouts in Greece and Ireland, and Chinese currency manipulation are all indicators of the growing conflict. As James Rickards argues in Currency Wars, this is more than just a concern for economists and investors. The United States is facing serious threats to its national security, from clandestine gold purchases by China to the hidden agendas of sovereign wealth funds. Greater than any single threat is the very real danger of the collapse of the dollar itself. Baffling to many observers is the rank failure of economists to foresee or prevent the economic catastrophes of recent years. Not only have their theories failed to prevent calamity, they are making the currency wars worse. The U. S. Federal Reserve has engaged in the greatest gamble in the history of finance, a sustained effort to stimulate the economy by printing money on a trillion-dollar scale. Its solutions present hidden new dangers while resolving none of the current dilemmas. While the outcome of the new currency war is not yet certain, some version of the worst-case scenario is almost inevitable if U.S. and world economic leaders fail to learn from the mistakes of their predecessors. Rickards untangles the web of failed paradigms, wishful thinking, and arrogance driving current public policy and points the way toward a more informed and effective course of action.

Currency Crises

Paul Krugman
Currency Crises Book PDF

Author : Paul Krugman
Publisher : Unknown
Page : 356 pages
File Size : 52,6 Mb
Release : 2000-09-01
Category : Business & Economics
ISBN : 0226454622

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Currency Crises by Paul Krugman Pdf

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. Although such crises—the Latin American debt crisis of the 1980s, the speculations on European currencies in the early 1990s, and the ensuing Mexican, South American, and Asian crises—have played a central role in world affairs and continue to occur at an alarming rate, many questions about their causes and effects remain to be answered. In this wide-ranging volume, some of the best minds in economics focus on the historical and theoretical aspects of currency crises to investigate three fundamental issues: What drives currency crises? How should government behavior be modeled? And what are the actual consequences to the real economy? Reflecting the latest thinking on the subject, this offering from the NBER will serve as a useful basis for further debate on the theory and practice of speculative attacks, as well as a valuable resource as new crises loom.

Money, Currency and Crisis

R.J. van der Spek,Bas van Leeuwen
Money Currency and Crisis Book PDF

Author : R.J. van der Spek,Bas van Leeuwen
Publisher : Routledge
Page : 335 pages
File Size : 40,6 Mb
Release : 2018-05-15
Category : Business & Economics
ISBN : 9781351810500

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Money, Currency and Crisis by R.J. van der Spek,Bas van Leeuwen Pdf

Money is a core feature in all discussions of economic crisis, as is clear from the debates about the responses of the European Central Bank and the Federal Reserve Bank of the United States to the 2008 economic crisis. This volume explores the role of money in economic performance, and focuses on how monetary systems have affected economic crises for the last 4,000 years. Recent events have confirmed that money is only a useful tool in economic exchange if it is trusted, and this is a concept that this text explores in depth. The international panel of experts assembled here offers a long-range perspective, from ancient Assyria to modern societies in Europe, China and the US. This book will be of interest to students and researchers of economic history, and to anyone who seeks to understand the economic crises of recent decades, and place them in a wider historical context.

Prospective Deficits and the Asian Currency Crisis

Craig Burnside,Martin S. Eichenbaum,Sergio Rebelo
Prospective Deficits and the Asian Currency Crisis Book PDF

Author : Craig Burnside,Martin S. Eichenbaum,Sergio Rebelo
Publisher : World Bank Publications
Page : 56 pages
File Size : 46,9 Mb
Release : 1999
Category : Bank failures
ISBN : 8210379456XXX

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Prospective Deficits and the Asian Currency Crisis by Craig Burnside,Martin S. Eichenbaum,Sergio Rebelo Pdf

The recent Asian currency crisis was caused by large prospective fiscal deficits associated with implicit bailout guarantees to failing banking systems. Absent the political will to raise taxes or cut spending, governments must resort to seignorage revenues to pay for the bailout of the banking system. In a world of forward-looking agents, this makes a currency crisis inevitable.