The macroeconomic theory of exchange rate crises:
Saved in:
| Main Author: | |
|---|---|
| Format: | Book |
| Language: | English |
| Published: |
Oxford
Oxford Univ. Press
2012
|
| Edition: | 1. ed. |
| Subjects: | |
| Online Access: | Inhaltsverzeichnis |
| Physical Description: | XII, 394 S. graph. Darst. 24 cm |
| ISBN: | 9780199653126 0199653127 |
Staff View
MARC
| LEADER | 00000nam a2200000 c 4500 | ||
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| 100 | 1 | |a Piersanti, Giovanni |e Verfasser |0 (DE-588)170275507 |4 aut | |
| 245 | 1 | 0 | |a The macroeconomic theory of exchange rate crises |c Giovanni Piersanti |
| 250 | |a 1. ed. | ||
| 264 | 1 | |a Oxford |b Oxford Univ. Press |c 2012 | |
| 300 | |a XII, 394 S. |b graph. Darst. |c 24 cm | ||
| 336 | |b txt |2 rdacontent | ||
| 337 | |b n |2 rdamedia | ||
| 338 | |b nc |2 rdacarrier | ||
| 650 | 4 | |a Financial crises | |
| 650 | 4 | |a International finance | |
| 650 | 4 | |a Macroeconomics | |
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| 650 | 0 | 7 | |a Makroökonomie |0 (DE-588)4037174-8 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Finanzkrise |0 (DE-588)7635855-0 |2 gnd |9 rswk-swf |
| 650 | 0 | 7 | |a Wechselkurstheorie |0 (DE-588)4124443-6 |2 gnd |9 rswk-swf |
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| 650 | 0 | 7 | |a Internationaler Kreditmarkt |0 (DE-588)4120506-6 |2 gnd |9 rswk-swf |
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| 999 | |a oai:aleph.bib-bvb.de:BVB01-024833462 | ||
Record in the Search Index
| _version_ | 1804148956750413824 |
|---|---|
| adam_text | Contents
List of Figures and Table
xi
Introduction
1
Part I The Monetary Model under Flexible Exchange Rates
1.
The Basic Monetary Model of the Exchange Rate
7
Introduction
7
1.1
The Structure of the Model
7
1.2
Competitive Equilibrium and Dynamics
15
1.3
The Equilibrium Path for the Nominal Exchange Rate and Real
Money Balances
18
1.4
Permanent and Temporary Changes in the Exogenous Variables
and Exchange Rate Dynamics
22
1.5
The Optimal Rate of Monetary Growth and of Exchange Rate
Depreciation
27
1.6
Summary
32
Part II Fixed Exchange Rate Regimes and Currency Crises
2.
Crises and Policy Imbalances
35
Introduction
35
2.1
Speculative Attacks on Asset Price Fixing Policies
36
2.2
The Krugman-Flood-Garber Model
42
23
Extensions
53
2.3.1
Sterilization, Interest Rate Defense, and Asset
Substitutability
54
2.3.2
Alternative Post-Collapse Scenario
60
2.3.3
Capital Controls and Borrowing Constraints
63
2.3.4
Real Variables Movements
68
2.3.5
The Banking Sector and the Timing of Speculative
Attacks
71
2.3.6
Banking and Currency Crises
73
2.3.7
The Timing of the Attack under Uncertainty
82
2.3.8
Speculative Attacks on Exchange Rate Target Zones
87
2.4
Summary
98
3.
Crises and Self-Fulfilling Expectations
100
Introduction
100
3.1
A Standard Open Economy
Macromodel
for Policy Evaluation
101
3.1.1
Rules vs. Discretion
104
3.1.2
Alternative Equilibrium Solution to the Inflation Bias
108
x
Contents
3.2
Fixed
Exchange Rate Regimes
with
Escape
Clause
116
3.2.1 The Basic
Early
Escape
Clause
Model 116
3.2.2 The Basic
Late
Escape
Clause
Model 123
3.3
Extensions
129
3.3.1
The Stock of Debt and Self-Fulfilling Crises
129
3.3.2
Optimal Interest Rate Defense Policy and Credibility
136
3.3.3
Reputation, Credibility, and Self-Fulfilling Speculation
140
3.3.4
Self-Fulfilling Speculative Attacks and Contagion
144
3.3.5
Financial Intermediation and Liquidity Crises
163
3.3.6
Bank Runs and Exchange Rate Sustainability
170
3.3.7
Credit Constraints, Balance Sheets, and Financial Crises
172
3.3.8
Uniqueness Versus Multiplicity of Equilibria in Models of
Self-Fulfilling Beliefs: The Global Game Approach
179
3.4
Summary
195
4.
Dynamics of Crises
197
Introduction
197
4.1
The Boom-Recession Cycle of Exchange Rate Based Disinflation
Policies
198
4.1.1
The Real Exchange Rate
205
4.2
Expected Future Policy Changes and Currency Attacks
211
4.3
Asset Price Dynamics and Financial Crashes
219
4.3.1
Equilibrium Conditions
225
4.3.2
Asset Price Decline and Twin Crises
227
4.4
Sudden Stops and Growth Collapse
235
4.5
Consistent
Macroeconomic
Policies and Exchange
Rate Crises
241
4.6
Policy Choices, Devaluation Size, and Timing of Attacks
251
4.6.1
Speculation and Exit Strategies
251
4.6.2
Devaluation Size and Timing of Attack
264
4.6.3
Learning, Multiplicity, and Equilibrium Dynamics in a
Dynamic Global Game of Currency Attacks
270
4.7
Summary
281
5.
Epilogue
283
5.1
Asset Price Bubbles
283
5.2
Exchange Rate Regimes with Global Capital Markets
285
Mathematical Appendix
290
Introduction
290
A.
1
Basic Properties of Ordinary Differential Equations
290
A.2 Basic Properties of Ordinary Difference Equations
307
A.3 Nonlinear Dynamics, Bifurcation, and Chaos
320
A.4 Dynamic Optimization
329
A.5 Stochastic Equations
340
References
348
Index
379
|
| any_adam_object | 1 |
| author | Piersanti, Giovanni |
| author_GND | (DE-588)170275507 |
| author_facet | Piersanti, Giovanni |
| author_role | aut |
| author_sort | Piersanti, Giovanni |
| author_variant | g p gp |
| building | Verbundindex |
| bvnumber | BV039976043 |
| classification_rvk | QM 331 |
| ctrlnum | (OCoLC)769544990 (DE-599)BVBBV039976043 |
| dewey-full | 332.042 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.042 |
| dewey-search | 332.042 |
| dewey-sort | 3332.042 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| edition | 1. ed. |
| format | Book |
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| id | DE-604.BV039976043 |
| illustrated | Illustrated |
| indexdate | 2024-07-10T00:15:22Z |
| institution | BVB |
| isbn | 9780199653126 0199653127 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-024833462 |
| oclc_num | 769544990 |
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| owner_facet | DE-703 DE-355 DE-BY-UBR DE-188 |
| physical | XII, 394 S. graph. Darst. 24 cm |
| publishDate | 2012 |
| publishDateSearch | 2012 |
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| publisher | Oxford Univ. Press |
| record_format | marc |
| spelling | Piersanti, Giovanni Verfasser (DE-588)170275507 aut The macroeconomic theory of exchange rate crises Giovanni Piersanti 1. ed. Oxford Oxford Univ. Press 2012 XII, 394 S. graph. Darst. 24 cm txt rdacontent n rdamedia nc rdacarrier Financial crises International finance Macroeconomics Währungskrise (DE-588)4396352-3 gnd rswk-swf Makroökonomie (DE-588)4037174-8 gnd rswk-swf Finanzkrise (DE-588)7635855-0 gnd rswk-swf Wechselkurstheorie (DE-588)4124443-6 gnd rswk-swf Internationales Währungssystem (DE-588)4072901-1 gnd rswk-swf Internationaler Kreditmarkt (DE-588)4120506-6 gnd rswk-swf Wechselkurstheorie (DE-588)4124443-6 s Währungskrise (DE-588)4396352-3 s Internationales Währungssystem (DE-588)4072901-1 s Finanzkrise (DE-588)7635855-0 s Internationaler Kreditmarkt (DE-588)4120506-6 s Makroökonomie (DE-588)4037174-8 s b DE-604 Digitalisierung UB Regensburg application/pdf http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024833462&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA Inhaltsverzeichnis |
| spellingShingle | Piersanti, Giovanni The macroeconomic theory of exchange rate crises Financial crises International finance Macroeconomics Währungskrise (DE-588)4396352-3 gnd Makroökonomie (DE-588)4037174-8 gnd Finanzkrise (DE-588)7635855-0 gnd Wechselkurstheorie (DE-588)4124443-6 gnd Internationales Währungssystem (DE-588)4072901-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| subject_GND | (DE-588)4396352-3 (DE-588)4037174-8 (DE-588)7635855-0 (DE-588)4124443-6 (DE-588)4072901-1 (DE-588)4120506-6 |
| title | The macroeconomic theory of exchange rate crises |
| title_auth | The macroeconomic theory of exchange rate crises |
| title_exact_search | The macroeconomic theory of exchange rate crises |
| title_full | The macroeconomic theory of exchange rate crises Giovanni Piersanti |
| title_fullStr | The macroeconomic theory of exchange rate crises Giovanni Piersanti |
| title_full_unstemmed | The macroeconomic theory of exchange rate crises Giovanni Piersanti |
| title_short | The macroeconomic theory of exchange rate crises |
| title_sort | the macroeconomic theory of exchange rate crises |
| topic | Financial crises International finance Macroeconomics Währungskrise (DE-588)4396352-3 gnd Makroökonomie (DE-588)4037174-8 gnd Finanzkrise (DE-588)7635855-0 gnd Wechselkurstheorie (DE-588)4124443-6 gnd Internationales Währungssystem (DE-588)4072901-1 gnd Internationaler Kreditmarkt (DE-588)4120506-6 gnd |
| topic_facet | Financial crises International finance Macroeconomics Währungskrise Makroökonomie Finanzkrise Wechselkurstheorie Internationales Währungssystem Internationaler Kreditmarkt |
| url | http://bvbr.bib-bvb.de:8991/F?func=service&doc_library=BVB01&local_base=BVB01&doc_number=024833462&sequence=000002&line_number=0001&func_code=DB_RECORDS&service_type=MEDIA |
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