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Tuesday, July 28, 2020 | History

2 edition of Models of currency crises with self-fulfilling features found in the catalog.

Models of currency crises with self-fulfilling features

Maurice Obstfeld

Models of currency crises with self-fulfilling features

by Maurice Obstfeld

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Published by Centre for Economic Policy Research in London .
Written in English


Edition Notes

StatementMaurice Obstfeld.
SeriesDiscussion paper series / Centre for Economic Policy Research -- No.1315
ContributionsCentre for Economic Policy Research.
ID Numbers
Open LibraryOL19847722M

Models of currency crises with self-fulfilling features What caused the Asian currency and financial crisis? The Theory of Optimum Currency Areas: An Eclectic View The Endogeneity of the Optimum Currency Area Criteria Unique Equilibrium in a Model of Self Models of currency crises with self-fulfilling features Risk and wealth in a model of self-fulfilling currency attacks ☆ Unique Equilibrium in a Model of Self-Fulfilling Currency Attacks A self-fulfilling prophecy: C-reactive protein attenuates nitric oxide production and

  “The Logic of Currency Crises,” Cahiers Economiques et Monetaires, Bank of Fra Obstfeld, M. (). “Models of Currency Crises with Self-fulfilling Features,” European Economic Rev Sachs, J. (). “Do We Need an International Lender of ~allenf/   1. Introduction. Recently there has been a great deal of interest in the interaction between banking crises and currency crises. Empirical evidence of a correlation between the two, particularly for emerging markets, is reported by Burkart and Coudert, , Kaminsky and Reinhart, and Komulainen and Lukkarila (), amongst tical work on the subject may be divided into

We present a general equilibrium model of intermediation designed to capture some of the key features of the modern financial system. The model incorporates financial constraints and state-contingent contracts, and captures the spillovers associated with asset fire sales during periods of stress. If a sufficiently severe shock occurs during a credit expansion, these spillovers can potentially ,-Macroeconomic-Stability-and. The book offers an economic history of financial crises, empirical studies of crises in the modern era and classic works on the theory of banking crises. It also covers specialized topics, with sections on currency crises and financial ://


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Models of currency crises with self-fulfilling features by Maurice Obstfeld Download PDF EPUB FB2

Models of Currency Crises with Self-Fulfilling Features Maurice Obstfeld. NBER Working Paper No. (Also Reprint No. r) Issued in October NBER Program(s):International Finance and Macroeconomics, International Trade and Investment   Empirical work on self-fulfilling crises is suggestive but still at an early stage.

Eichengreen et al. (), Eichengreen et al. () examine a large number of attack episodes, including ones in which the exchange rate's defense succeeded, along with :// Get this from a library.

Models of currency crises with self-fulfilling features. [Maurice Obstfeld; National Bureau of Economic Research.]   Models of currency crises with self-fulfilling features Maurice Obstfeld * Department of Economics, Unioersity of California at Berkeley, Berkeley, CAUSA National Bureau of Economic Research, Cambridge, MA, USA Centre for Economic Policy Research, London, UK Abstract The discomfort a government suffers from speculation against its ~kkasa/obstfeldpdf.

Downloadable. 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 :// 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 ://   Models of Currency Crises with Self-Fulfilling Features.

NBER Working Paper No. w 24 Pages Posted: 24 Jul See all articles by Maurice Obstfeld 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?abstract_id= The attractiveness of models of currency crisis with self-fulfilling features is that they allow establishing the similitude between a r un on a bank and speculation against a :// Downloadable.

Much attention has been paid to models of currency crisis with self-fulfilling features and the concept of multiple equilibria developed in the s. They aim at explaining currency crisis without apparent fundamental disequilibrium.

They are also useful to render account for currency crisis unpredictability. This paper re-examines an illustrative model of Obstfeld (), in Models of Currency Crises with Self-Fulfilling Features (Obstfeld ) Introduction * EMS (European Monetary System) currencies were subject to speculative attacks from to * fluctuation bands of the EMS currencies with respect to the Deutschmark had been widened from ± % around par to ± 15% in August * Surprisingly the French Franc, Belgian franc and Danish krone traded Topics: 05D - Economics, economic theory, Models of currency crises with self-fulfilling features [ Balance of payments crisis, Fixed exchange rates] Year: DOI identifier: /(95) Unique equilibrium in a model of self-fulfilling currency attacks.

American Economic Rev – Google Scholar. Obstfeld, M. Speculative attack and the external constraint in a maximizing model of the balance of payments.

Obstfeld, M. Models of currency crises with self-fulfilling features. European Economic Review 40 Models of currency crises with self-fulfilling features. Obstfeld, Maurice, () Contagious speculative attacks. Gerlach, Stefan, () Indirect speculative attacks and the black market for foreign exchange: the example of Sudan   Models of currency crises with self-fulfilling features.

Maurice Obstfeld. European Economic Review,vol. 40, issueDate: References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers () Track citations by RSS feed. Downloads: (external link):eee:eecrev:vyip Currency crises have occurred frequently in the post-war era.

In this article we review the literature on the causes and consequences of currency crises. First- generation models attribute a central role to fiscal policy as a fundamental determinant of crises. Second-generation models emphasize the possibility of self-fulfilling speculative We use cookies to make interactions with our website easy and meaningful, to better understand the use of our services, and to tailor ://   Obstfeld在其Models of Currency Crises with Self-Fulfilling Features一文中设计了一个博弈模型,说明了动态博弈下自我实现危机模型的特点,并呈现出“多重均衡”性质。 该模型认为:一国政府在制定经济政策时存在多重目标,经济政策的多重目标导致了多重   Self-Fulfilling Currency Crises: games results on equilibrium uniqueness do not apply to market-based models of currency crises.

1Introduction It is a commonly held view that financial crises, such as currency crises, bank runs, debt crises or asset price crashes may be the result of self-fulfilling expectations and multiple   Currency Crises Obstfeld (), "Models of Currency Crises with Self-Fulfilling Features", European Economic Review Morris & Shin (), "Unique Equilibrium in a Model of Self-Fulfilling Attacks", American Economic Review Angeletos & Werning (), ~kkasa/econ_html.

CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): 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 ?doi=. Models of currency crises with self-fulfilling features”, ().

Rational contagion and the globalization of securities markets”,  可以参 考 financial crisis 的self-fulfilling(自 我实 现 ) 参考文献 : Obstfeld, "Models of currency crises with self-fulfilling features", International Finance, 希望采纳  › 百度知道.This chapter discusses the basic analytical framework of “second-generation” models of currency crises and their extensions to deal with new characteristics of international financial crises such as the connections between financial fragility and currency instability, government's reputation and credibility, asymmetric information and herding behavior, contagion across markets and :oso//.