Collapsing exchange rate regimes: Another linear example

• 成果类型: Article; Proceedings Paper
• 署名作者: Flood, RP; Garber, PM; Kramer, C
• 署名单位: Brown University
• 刊物名称: JOURNAL OF INTERNATIONAL ECONOMICS
• ISSN/ISSBN: 0022-1996
• DOI: 10.1016/S0022-1996(96)01435-3
• 发表日期: 1996
• 页码: 223-234
• 关键词: Exchange rates; Exchange rate regimes; Speculative attacks

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 rate reacts passively to the monetary disruption caused by the attack. This assumption is grossly at odds with actual experience where the monetary base implications of the attacks are usually sterilized. Such sterilization means that the attack is no longer exclusively a monetary event and requires that the standard attack model be broadened to include the effects of sterilization on other markets. These issues are motivated by reference to the December 1994 collapse of the Mexican peso.