| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w22298 |
| 来源ID | Working Paper 22298 |
| Reverse Speculative Attacks | |
| Manuel Amador; Javier Bianchi; Luigi Bocola; Fabrizio Perri | |
| 发表日期 | 2016-06-06 |
| 出版年 | 2016 |
| 语种 | 英语 |
| 摘要 | In January 2015, in the face of sustained capital inflows, the Swiss National Bank abandoned the floor for the Swiss Franc against the Euro, a decision which led to the appreciation of the Swiss Franc. The objective of this paper is to present a simple framework that helps to better understand the timing of this episode, which we label a "reverse speculative attack". We model a central bank which wishes to maintain a peg, and responds to increases in demand for domestic currency by expanding its balance sheet. In contrast to the classic speculative attacks, which are triggered by the depletion of foreign assets, reverse attacks are triggered by the concern of future balance sheet losses. Our key result is that the interaction between the desire to maintain the peg and the concern about future losses can lead the central bank to first accumulate a large amount of reserves, and then to abandon the peg, just as we have observed in the Swiss case. |
| 主题 | International Economics ; International Finance |
| URL | https://www.nber.org/papers/w22298 |
| 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/579971 |
| 推荐引用方式 GB/T 7714 | Manuel Amador,Javier Bianchi,Luigi Bocola,et al. Reverse Speculative Attacks. 2016. |
| 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 | ||
| w22298.pdf（418KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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