Models of currency crises with self-fulfilling features

被引：418

作者：

Obstfeld, M

机构：

[1] NATL BUR ECON RES,CAMBRIDGE,MA 02138

[2] CTR ECON POLICY RES,LONDON SW1Y 6LA,ENGLAND

来源：

EUROPEAN ECONOMIC REVIEW | 1996年 / 40卷 / 3-5期

基金：

美国国家科学基金会;

关键词：

balance-of-payments crisis; speculative attack; fixed exchange rate; multiple equilibria;

D O I：

10.1016/0014-2921(95)00111-5

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria, After describing an illustrative model in which high unemployment may cause an exchange-rate crisis with self-fulfilling features, the paper reviews some other self-reinforcing mechanisms. Recent econometric evidence seems consistent with the practical importance of these mechanisms.

引用

页码：1037 / 1047

页数：11

共 27 条

[1]

ANDERSEN T, 1994, 969 CEPR

[2]

[Anonymous], BROOKINGS PAPERS EC

[3] A POSITIVE THEORY OF MONETARY-POLICY IN A NATURAL RATE MODEL [J].

BARRO, RJ ;

GORDON, DB .

JOURNAL OF POLITICAL ECONOMY, 1983, 91 (04) :589-610

[4]

BENSAID B, 1994, 190 LSE FIN MARK GRO

[5]

BUITER WH, 1995, 5140 NBER

[6] MULTIMARKET OLIGOPOLY - STRATEGIC SUBSTITUTES AND COMPLEMENTS [J].

BULOW, JI ;

GEANAKOPLOS, JD ;

KLEMPERER, PD .

JOURNAL OF POLITICAL ECONOMY, 1985, 93 (03) :488-511

[7]

CALVO G, 1995, VARIETIES CAPITAL MA

[8]

Calvo S., 1995, CAPITAL FLOWS LATIN

[9]

CHEN Z, 1995, 1164 CEPR

[10] COORDINATING COORDINATION FAILURES IN KEYNESIAN MODELS [J].

COOPER, R ;

JOHN, A .

QUARTERLY JOURNAL OF ECONOMICS, 1988, 103 (03) :441-463

← 1 2 3 →