| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5140 |
| 来源ID | Working Paper 5140 |
| A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises | |
| Willem H. Buiter; Giancarlo Corsetti; Paolo A. Pesenti | |
| 发表日期 | 1995-06-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | The paper analyzes the modalities and consequences of a breakdown of cooperation between the monetary authorities of inflation-prone Periphery Countries that use an exchange rate peg as an anti- inflationary device, when the Center is hit by an aggregate demand shock. Cooperation in the Periphery is constrained to be symmetric: costs and benefits must be equal for all. Our model suggests that there are at least two ways in which a generalized crisis of the exchange rate system may emerge. The first is when the constrained cooperative response of the Periphery is a moderate common devaluation while the non-cooperative equilibrium has large devaluations by a few countries. An exchange rate crisis emerges if Periphery countries give in to their individual incentives to renege on the cooperative agreement. In the second case, the Center shock is not large enough to trigger a general devaluation in the constrained cooperative equilibrium; yet some of the Periphery countries would devalue in the Nash equilibrium, making the monetary stance in the system more expansionary. In this case, reversion to Nash is collectively rational. We offer this model as a useful parable for interpreting the collapse of the EMR in 1992-93. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w5140 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/562580 |
| 推荐引用方式 GB/T 7714 | Willem H. Buiter,Giancarlo Corsetti,Paolo A. Pesenti. A Center-Periphery Model of Monetary Coordination and Exchange Rate Crises. 1995. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w5140.pdf（925KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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