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Soft exchange rate bands and speculative attacks : theory and evidence from the ERM since August 1993

Author: Leonardo Bartolini; Alessandro Prati; International Monetary Fund. Research Department.
Publisher: [Washington, D.C.] : International Monetary Fund, Research Dept., ©1998.
Series: IMF working paper, WP/98/156.
Edition/Format:   eBook : Document : International government publication : EnglishView all editions and formats
Summary:
We present a model of a "soft" exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate's current level, thus allowing the rate to move within wide margins in the short run, but within narrow margins in the long run. For realistic parameters, soft target zones are  Read more...
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Additional Physical Format: Print version:
Bartolini, Leonardo.
Soft exchange rate bands and speculative attacks.
[Washington, D.C.] : International Monetary Fund, Research Dept., ©1998
(OCoLC)40493516
Material Type: Document, Government publication, International government publication, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Leonardo Bartolini; Alessandro Prati; International Monetary Fund. Research Department.
OCLC Number: 648344697
Reproduction Notes: Electronic reproduction. [S.l.] : HathiTrust Digital Library, 2010. MiAaHDL
Description: 1 online resource (29 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: IMF working paper, WP/98/156.
Responsibility: prepared by Leonardo Bartolini and Alessandro Prati.

Abstract:

We present a model of a "soft" exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates, rather than the exchange rate's current level, thus allowing the rate to move within wide margins in the short run, but within narrow margins in the long run. For realistic parameters, soft target zones are significantly less vulnerable to speculative attacks than "hard" target zones. These predictions are consistent with the ERM's experience and the abatement of speculative pressure in European markets since the bands' widening in 1993.

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