Financial markets and European monetary cooperation: the lessons of the 1992-93 exchange rate mechanism crisis
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| Main Authors: | , , |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Cambridge
Cambridge Univ. Press
2001
|
| Edition: | 1. paperback ed. |
| Series: | Japan-US Center Sanwa monographs on international financial markets
|
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 223 S. graph. Darst. |
| ISBN: | 0521794404 0521495474 |
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MARC
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| 245 | 1 | 0 | |a Financial markets and European monetary cooperation |b the lessons of the 1992-93 exchange rate mechanism crisis |c Willem H. Buiter ; Giancarlo Corsetti ; Paolo A. Pesenti |
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Record in the Search Index
| _version_ | 1804128137746841600 |
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| adam_text | Titel: Financial markets and european monetary cooperation
Autor: Buiter, Willem H.
Jahr: 2001
Contents
Forewords by Kenji Kawakatsu and Helmut Schlesinger vii
Acknowledgments ix
1 Introduction 1
1.1 The roots of the European consensus on limiting exchange
rate flexibility 3
1.2 The ERM and the logic of nominal anchors 5
1.3 Escape clauses and financial stability 7
1.4 The debate on the ERM crisis 9
1.5 Understanding the crisis: The missing elements 11
1.6 Lessons for the future 16
2 Exchange rate stability in Europe: A historical perspective 19
2.1 From Bretton Woods to the Treaty of Maastricht 19
2.2 The Treaty of Maastricht 31
3 The unfolding of the 1992-93 ERM crisis 38
3.1 Toward the crisis 38
3.2 A chronology of the ERM crack-up 54
4 Financial markets and ERM credibility 67
4.1 Capital market liberalization and convergence plays 67
4.2 Defining and measuring ERM credibility 70
4.3 Exchange rate expectations before the crisis 74
5 Modelling currency crises 83
5.1 Exchange rate crises and speculative attacks 83
5.2 Fundamental models of the ERM crisis 89
6 A Center-Periphery model 93
6.1 Introduction 93
6.2 The Center country 94
6.3 The Periphery countries 96
6.4 The objective function of the Center 97
vi Contents
6.5 The objective fonction of the Periphery 99
6.6 The semireduced form of the model 103
7 Unilateral pegs and escape clauses: The role of domestic credibility 108
7.1 Exchange rate crises as equilibrium outcomes 108
7.2 Imperfect commitment and expectations formation 112
7.3 Multiple equilibria, self-fulfilling expectations, and the ERM
crisis 118
7.4 Open issues in the self-fulfilling vs. fundamental debate 122
7.5 Revisiting theories based on domestic fundamentals 125
7.6 A summary 132
8 Policy coordination and currency crises 134
8.1 Introduction 134
8.2 Noncooperative equilibrium 136
8.3 Cooperation in the Periphery 149
8.4 Does cooperation in the Periphery make a difference? 154
9 What caused the system to crumble? 163
9.1 Building blocks of a systemic theory 163
9.2 Lessons from the theory 165
9.3 The interpretation of the 1992-93 ERM crisis in a
Center-Periphery model 168
10 Rebuilding the system: What next? 176
10.1 Introduction 176
10.2 Microeconomic efficiency arguments for a common currency 177
10.3 Seigniorage and exchange rates 180
10.4 Nominal rigidities and the Keynesian arguments for an
optimal currency area 185
10.5 What makes up for loss of exchange rate flexibility? 191
10.6 Capital mobility as an argument for a common currency 196
10.7 Issues in the transition to EMU 198
10.8 Reconstructing the monetary system in Europe through EMU 200
Appendix 203
References 205
Index 215
|
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| discipline | Wirtschaftswissenschaften |
| edition | 1. paperback ed. |
| era | Geschichte 1992-1993 gnd |
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| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV013359419 |
| illustrated | Illustrated |
| indexdate | 2024-07-09T18:44:28Z |
| institution | BVB |
| isbn | 0521794404 0521495474 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-009112913 |
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| physical | XII, 223 S. graph. Darst. |
| publishDate | 2001 |
| publishDateSearch | 2001 |
| publishDateSort | 2001 |
| publisher | Cambridge Univ. Press |
| record_format | marc |
| series2 | Japan-US Center Sanwa monographs on international financial markets |
| spelling | Buiter, Willem H. 1949- Verfasser (DE-588)124950493 aut Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis Willem H. Buiter ; Giancarlo Corsetti ; Paolo A. Pesenti 1. paperback ed. Cambridge Cambridge Univ. Press 2001 XII, 223 S. graph. Darst. txt rdacontent n rdamedia nc rdacarrier Japan-US Center Sanwa monographs on international financial markets European Monetary System (Organization) Geschichte 1992-1993 gnd rswk-swf Europäischer Währungsverbund / Währungskrise / Devisenspekulation / Internationale Währungspolitik / EU-Staaten Foreign exchange rates European Union countries International finance Monetary policy International cooperation Wechselkurs (DE-588)4064921-0 gnd rswk-swf Europäisches Währungssystem (DE-588)4015756-8 gnd rswk-swf Europäische Union. Mitgliedsstaaten Europäisches Währungssystem (DE-588)4015756-8 s Wechselkurs (DE-588)4064921-0 s Geschichte 1992-1993 z 1\p DE-604 Corsetti, Giancarlo 1960- Verfasser (DE-588)128969954 aut Pesenti, Paolo A. Verfasser aut HBZ Datenaustausch application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=009112913&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Buiter, Willem H. 1949- Corsetti, Giancarlo 1960- Pesenti, Paolo A. Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis European Monetary System (Organization) Europäischer Währungsverbund / Währungskrise / Devisenspekulation / Internationale Währungspolitik / EU-Staaten Foreign exchange rates European Union countries International finance Monetary policy International cooperation Wechselkurs (DE-588)4064921-0 gnd Europäisches Währungssystem (DE-588)4015756-8 gnd |
| subject_GND | (DE-588)4064921-0 (DE-588)4015756-8 |
| title | Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis |
| title_auth | Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis |
| title_exact_search | Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis |
| title_full | Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis Willem H. Buiter ; Giancarlo Corsetti ; Paolo A. Pesenti |
| title_fullStr | Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis Willem H. Buiter ; Giancarlo Corsetti ; Paolo A. Pesenti |
| title_full_unstemmed | Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis Willem H. Buiter ; Giancarlo Corsetti ; Paolo A. Pesenti |
| title_short | Financial markets and European monetary cooperation |
| title_sort | financial markets and european monetary cooperation the lessons of the 1992 93 exchange rate mechanism crisis |
| title_sub | the lessons of the 1992-93 exchange rate mechanism crisis |
| topic | European Monetary System (Organization) Europäischer Währungsverbund / Währungskrise / Devisenspekulation / Internationale Währungspolitik / EU-Staaten Foreign exchange rates European Union countries International finance Monetary policy International cooperation Wechselkurs (DE-588)4064921-0 gnd Europäisches Währungssystem (DE-588)4015756-8 gnd |
| topic_facet | European Monetary System (Organization) Europäischer Währungsverbund / Währungskrise / Devisenspekulation / Internationale Währungspolitik / EU-Staaten Foreign exchange rates European Union countries International finance Monetary policy International cooperation Wechselkurs Europäisches Währungssystem Europäische Union. Mitgliedsstaaten |
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