Speculative Attacks and Models of Balance-of-Payments Crises /

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Bibliographic Details
Imprint:	Cambridge, Mass. : National Bureau of Economic Research, 1991.
Description:	1 online resource
Language:	English
Series:	NBER working paper series ; no. w3919 Working paper series (National Bureau of Economic Research) ; no. w3919.
Subject:	Balance of payments -- Econometric models. Foreign exchange rates -- Econometric models. Balance of payments -- Econometric models. Foreign exchange rates -- Econometric models.
Format:	E-Resource Book
URL for this record:	http://pi.lib.uchicago.edu/1001/cat/bib/12499450

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Other authors / contributors:	Flood, Robert P. Agenor, Pierre-Richard. Bhandari, Jagdeep S. National Bureau of Economic Research.
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.

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