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Financial markets and European monetary cooperation : the lessons of the 1992-93 exchange rate mechanism crisis

Author: Willem H Buiter; Giancarlo Corsetti; Paolo A Pesenti
Publisher: Cambridge, UK. ; New York : Cambridge University Press, 1998.
Series: Japan-U.S. Center Sanwa monographs on international financial markets.
Edition/Format:   Print book : EnglishView all editions and formats
Database:WorldCat
Summary:
Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerge from that episode as regards the future of the European Monetary Union? A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism of the European Monetary System.
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Material Type: Internet resource
Document Type: Book, Internet Resource
All Authors / Contributors: Willem H Buiter; Giancarlo Corsetti; Paolo A Pesenti
ISBN: 0521495474 9780521495479
OCLC Number: 36501201
Description: xii, 223 pages : illustrations ; 24 cm.
Contents: Forewords / Kenji Kawakatsu and Helmut Schlesinger 1. Introduction. 1.1. The roots of the European consensus on limiting exchange rate flexibility. 1.2. The ERM and the logic of nominal anchors. 1.3. Escape clauses and financial stability. 1.4. The debate on the ERM crisis. 1.5. Understanding the crisis: The missing elements. 1.6. Lessons for the future 2. Exchange rate stability in Europe: A historical perspective. 2.1. From Bretton Woods to the Treaty of Maastricht. 2.2. The Treaty of Maastricht 3. The unfolding of the 1992 93 ERM crisis. 3.1. Toward the crisis. 3.2. A chronology of the ERM crack up 4. Financial markets and ERM credibility. 4.1. Capital market liberalization and "convergence plays" 4.2. Defining and measuring ERM credibility. 4.3. Exchange rate expectations before the crisis 5. Modelling currency crises. 5.1. Exchange rate crises and speculative attacks. 5.2. Fundamental models of the ERM crisis 6. A Center Periphery model. 6.1. Introduction. 6.2. The Center country. 6.3. The Periphery countries. 6.4. The objective function of the Center. 6.5. The objective function of the Periphery. 6.6. The semireduced form of the model 7. Unilateral pegs and escape clauses: The role of domestic credibility. 7.1. Exchange rate crises as equilibrium outcomes. 7.2. Imperfect commitment and expectations formation. 7.3. Multiple equilibria, self fulfilling expectations, and the ERM crisis. 7.4. Open issues in the "self fulfilling" vs. "fundamental" debate. 7.5. Revisiting theories based on domestic fundamentals. 7.6. A summary 8. Policy coordination and currency crises. 8.1. Introduction. 8.2. Noncooperative equilibrium. 8.3. Cooperatio.
Series Title: Japan-U.S. Center Sanwa monographs on international financial markets.
Responsibility: Willem H. Buiter, Giancarlo Corsetti, Paolo A. Pesenti.
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