| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w5318 |
| 来源ID | Working Paper 5318 |
| Collapsing Exchange Rate Regimes: Another Linear Example | |
| Robert P. Flood; Peter M. Garber; Charles Kramer | |
| 发表日期 | 1995-10-01 |
| 出版年 | 1995 |
| 语种 | 英语 |
| 摘要 | 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. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w5318 |
| 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/562770 |
| 推荐引用方式 GB/T 7714 | Robert P. Flood,Peter M. Garber,Charles Kramer. Collapsing Exchange Rate Regimes: Another Linear Example. 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 | ||
| w5318.pdf（205KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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