Author: P. A. V. B. Swamy
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 48
Book Description
Is it Possible to Find an Econometric Law that Works Well in Explanation and Prediction?
Author: P. A. V. B. Swamy
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 48
Book Description
Publisher:
ISBN:
Category : Demand for money
Languages : en
Pages : 48
Book Description
The Collapse of Exchange Rate Regimes
Author: George S. Tavlas
Publisher: Springer Science & Business Media
ISBN: 1461562899
Category : Business & Economics
Languages : en
Pages : 247
Book Description
ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
Publisher: Springer Science & Business Media
ISBN: 1461562899
Category : Business & Economics
Languages : en
Pages : 247
Book Description
ical) and to self-fulfilling currency crisis, respectively. Research stressing the former approach was pioneered by Krugman (1979) and Flood and Garber (1984). According to this line of research, the failure of governments to adopt domestic monetary and fiscal policies consistent with their stated exchange rate targets leads to a gradual diminution of reserves and eventually a stock adjustment that depletes reserves suddenly in one attack (Sachs, Tornell, and Velasco, 1996, page 47). The result is either a devaluation of the exchange rate or a switch to floating. Subsequent work of this genre has specified a number of other channels, in addition to that involving inconsistent and unsustainable monetary and fiscal policies, that can precipitate an attack: 1. Inconsistency between external and internal objectives. The stances of monetary and fiscal policies may be consistent with the authorities' exchange rate target, but domestic economic indicators (such as the unemployment rate) may be inconsistent with internal balance, resulting in pressures on the authorities to relax macroeconomic policies. Private agents, aware of this inconsistency, perceive an opportunity for profits from a currency devaluation and precipitate an attack. 2. Contagion effects. Prior to an attack on another currency (say that of country B), the market may view a country's (say, country A's) exchange rate as consistent with economic fundamentals and, thus, sustainable.
A General Method of Deriving the Efficiencies of Banks from a Profit Function
Author: P. A. V. B. Swamy
Publisher:
ISBN:
Category :
Languages : en
Pages : 62
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 62
Book Description
Australian National Bibliography: 1992
Author: National Library of Australia
Publisher: National Library Australia
ISBN:
Category : Australia
Languages : en
Pages : 1976
Book Description
Publisher: National Library Australia
ISBN:
Category : Australia
Languages : en
Pages : 1976
Book Description
Some Problems with Identification in Parametric Models
Author: P. A. V. B. Swamy
Publisher:
ISBN:
Category : Linear systems
Languages : en
Pages : 32
Book Description
Publisher:
ISBN:
Category : Linear systems
Languages : en
Pages : 32
Book Description
Circumstances in which Different Criteria of Estimation Can be Applied to Estimate Policy Effects
Author: P. A. V. B. Swamy
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 62
Book Description
Publisher:
ISBN:
Category : Econometrics
Languages : en
Pages : 62
Book Description
Journal of Applied Statistical Science
Author:
Publisher:
ISBN:
Category : Mathematical statistics
Languages : en
Pages : 664
Book Description
Publisher:
ISBN:
Category : Mathematical statistics
Languages : en
Pages : 664
Book Description
International Journal of Forecasting
Author: International institute of forecasters
Publisher:
ISBN:
Category :
Languages : en
Pages : 422
Book Description
Publisher:
ISBN:
Category :
Languages : en
Pages : 422
Book Description
Market Power and the Pricing of Mortgage Securitization
Author: John L. Goodman
Publisher:
ISBN:
Category : Duopolies
Languages : en
Pages : 54
Book Description
Publisher:
ISBN:
Category : Duopolies
Languages : en
Pages : 54
Book Description
Inferring Market Power from Time-series Data
Author: Timothy H. Hannan
Publisher:
ISBN:
Category : Bank management
Languages : en
Pages : 36
Book Description
Publisher:
ISBN:
Category : Bank management
Languages : en
Pages : 36
Book Description