Exchange market pressures and speculative capital flows in selected European countries /

Exchange market pressures and speculative capital flows in selected European countries /

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Bibliographic Details
Author / Creator:	Ötker, İnci, author.
Imprint:	[Washington, D.C.] : International Monetary Fund, ©1994.
Description:	1 online resource (41 pages) : illustrations
Language:	English
Series:	IMF working paper ; 94/21 IMF working paper ; 94/21.
Subject:	Foreign exchange market -- Europe. Foreign exchange rates. Capital movements. Money -- Tables. Capital movements. Foreign exchange market. Foreign exchange rates. Europe.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12496998

Hidden Bibliographic Details
Other authors / contributors:	Pazarbaşioğlu, Ceyla, author. International Monetary Fund. Treasurer's Department, issuing body. International Monetary Fund. Exchange Affairs Department, issuing body.
ISBN:	1455232181 9781455232185
Notes:	Includes bibliographical references. Restrictions unspecified Electronic reproduction. [Place of publication not identified] : HathiTrust Digital Library, 2010. Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 digitized 2010 HathiTrust Digital Library committed to preserve Print version record.
Summary:	Annotation This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. for a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. the recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement.
Other form:	Print version: Ötker, İnci. Exchange market pressures and speculative capital flows in selected European countries. [Washington, D.C.] : International Monetary Fund, ©1994

Description
Summary:	This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. The recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement.
Physical Description:	1 online resource (41 pages) : illustrations
Format:	Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002.
Bibliography:	Includes bibliographical references.
ISBN:	1455232181 9781455232185