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Collapsing exchange rate regimes : another linear example

Author: Robert P Flood; Peter M Garber; Charles Frederick Kramer; National Bureau of Economic Research.
Publisher: Cambridge, MA : National Bureau of Economic Research, ©1995.
Series: Working paper series (National Bureau of Economic Research), working paper no. 5318.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Database:WorldCat
Summary:
Abstract: In the literature on speculative attacks on a fixed exchange rate, it is usually assumed that the monetary authority responsible for fixing the exchange rate reacts passively to the monetary disruption caused by the attack. This assumption is grossly at odds with actual experience where monetary-base implications of the attacks are usually sterilized. Such sterilization renders the standard  Read more...
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Additional Physical Format: Print version:
Flood, Robert P.
Collapsing exchange rate regimes.
Cambridge, MA : National Bureau of Economic Research, ©1995
(OCoLC)33886265
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Robert P Flood; Peter M Garber; Charles Frederick Kramer; National Bureau of Economic Research.
OCLC Number: 646918463
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (21, [2] pages) : illustrations.
Details: 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.
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 5318.
Responsibility: Robert P. Flood, Peter M. Garber, Charles Kramer.

Abstract:

Abstract: In the literature on speculative attacks on a fixed exchange rate, it is usually assumed that the monetary authority responsible for fixing the exchange rate reacts passively to the monetary disruption caused by the attack. This assumption is grossly at odds with actual experience where monetary-base implications of the attacks are usually sterilized. Such sterilization renders the standard monetary-approach attack model unable to provide intellectual guidance to recent attack episodes. In this paper we describe the problems with the standard model and develop a version of the portfolio-balance exchange rate model that allows the study of episodes with sterilization. Sterilized attacks may be regarded as a laboratory test of the monetary versus portfolio-balance exchange rate models. The monetary model fails the test. These issues are motivated by reference to the December 1994 collapse of the Mexican peso.

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