The Macroeconomic Theory of Exchange Rate Crises
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Product details:
- Publisher OUP Oxford
- Date of Publication 26 April 2012
- ISBN 9780199653126
- Binding Hardback
- No. of pages408 pages
- Size 241x163x28 mm
- Weight 755 g
- Language English
- Illustrations 45 Figures, 1 Table 0
Categories
Short description:
An overview of the causes and consequences of speculative attacks on domestic currency and international financial turmoil. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs.
MoreLong description:
This book deals with the genesis and dynamics of exchange rate crises in fixed or managed exchange rate systems. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs. It aims to provide a survey of both the theoretical literature on international financial crises and a systematic treatment of the analytical models. It analyzes a series of macroeconomic models and demonstrates their properties and conclusions, including comparative statics and dynamic behaviour. The models cover the range of phenomena exhibited in modern crises experienced in countries with fixed or managed exchange rate systems. Among the topics covered, beyond currency sustainability, are bank runs, the interaction between bank solvency and currency stability, capital flows and borrowing constraints, uncertainty about government policies, asymmetric information and herding behaviour, contagion across markets and countries, financial markets and asset price bubbles, strategic interaction among agents and equilibrium selection, the dynamics of speculative attacks and of financial crashes in international capital markets. The book is intended for econometricians, academics, policymakers and specialists in the field, and postgraduate students in economics.
This book is notable and useful ... While the key arguments of those competing paradigms are carefully outlined, the respective chapters also present a rich sample of variations on themain theme.
Table of Contents:
Preface
Introduction
Part I: The Monetary Model under Flexible Exchange Rates
The Basic Monetary Model of the Exchange Rate
Part II: Fixed Exchange-Rate Regimes and Currency Crises
Crises and Policy Imbalances
Crises and Self-Fulfilling Expectations
Dynamics of Crises
Epilogue
Mathematical Appendix
Introduction
Basic Properties of Ordinary Differential Equations
Basic Properties of Ordinary Difference Equations
Nonlinear Dynamics, Bifurcation and Chaos
Dynamic Optimization
Stochastic Equations
