Financial markets and European monetary cooperation: the lessons of the 1992-93 exchange rate mechanism crisis
A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992–3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoreti...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Cambridge
Cambridge University Press
1998
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| Schriftenreihe: | Japan-U.S. Center UFJ Bank monographs on international financial markets
|
| Schlagworte: | |
| Online-Zugang: | BSB01 UBG01 Volltext |
| Zusammenfassung: | A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992–3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoretical analysis, and an interpretation rooted in the theory, make this treatment essential reading to understand the process toward economic and political integration in Europe. The authors first sketch the history of monetary cooperation in Europe from Bretton Woods to Maastricht. A step-by-step account of the 1992–3 events follows, including a discussion of the extent to which financial markets anticipated the crisis. A survey of the literature on the subject introduces the authors' center-periphery model of currency crisis. The authors argue that the vulnerability of Europe to financial crisis was - and still is - the result of the lack of concern with the systemic dimensions of monetary policy-making |
| Beschreibung: | Title from publisher's bibliographic system (viewed on 05 Oct 2015) |
| Beschreibung: | 1 online resource (xii, 223 pages) |
| ISBN: | 9780511600937 |
| DOI: | 10.1017/CBO9780511600937 |
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| 100 | 1 | |a Buiter, Willem H. |d 1949- |e Verfasser |4 aut | |
| 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 |
| 246 | 1 | 3 | |a Financial Markets & European Monetary Cooperation |
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| 505 | 8 | 0 | |g 1 |g 1.1 |g 1.2 |g 1.3 |g 1.4 |g 1.5 |g 1.6 |g 2 |g 2.1 |g 2.2 |g 3 |g 3.1 |g 3.2 |g 4 |g 4.1 |g 4.2 |g 4.3 |g 5 |g 5.1 |g 5.2 |g 6 |g 6.1 |g 6.2 |g 6.3 |g 6.4 |g 6.5 |g 6.6 |g 7 |g 7.1 |g 7.2 |g 7.3 |g 7.4 |g 7.5 |g 7.6 |g 8 |g 8.1 |g 8.2 |g 8.3 |t Forewords |t Introduction |t The roots of the European consensus on limiting exchange rate flexibility |t The ERM and the logic of nominal anchors |t Escape clauses and financial stability |t The debate on the ERM crisis |t Understanding the crisis: The missing elements |t Lessons for the future |t Exchange rate stability in Europe: A historical perspective |t From Bretton Woods to the Treaty of Maastricht |t The Treaty of Maastricht |t The unfolding of the 1992 93 ERM crisis |t Toward the crisis |t A chronology of the ERM crack up |t Financial markets and ERM credibility |t Capital market liberalization and "convergence plays" |t Defining and measuring ERM credibility |t Exchange rate expectations before the crisis |t Modelling currency crises |t Exchange rate crises and speculative attacks |t Fundamental models of the ERM crisis |t A Center Periphery model |t Introduction |t The Center country |t The Periphery countries |t The objective function of the Center |t The objective function of the Periphery |t The semireduced form of the model |t Unilateral pegs and escape clauses: The role of domestic credibility |t Exchange rate crises as equilibrium outcomes |t Imperfect commitment and expectations formation |t Multiple equilibria, self fulfilling expectations, and the ERM crisis |t Open issues in the "self fulfilling" vs. "fundamental" debate |t Revisiting theories based on domestic fundamentals |t A summary |t Policy coordination and currency crises |t Introduction |t Noncooperative equilibrium |t Cooperatio |r Kenji Kawakatsu and Helmut Schlesinger |
| 520 | |a A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992–3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoretical analysis, and an interpretation rooted in the theory, make this treatment essential reading to understand the process toward economic and political integration in Europe. The authors first sketch the history of monetary cooperation in Europe from Bretton Woods to Maastricht. A step-by-step account of the 1992–3 events follows, including a discussion of the extent to which financial markets anticipated the crisis. A survey of the literature on the subject introduces the authors' center-periphery model of currency crisis. The authors argue that the vulnerability of Europe to financial crisis was - and still is - the result of the lack of concern with the systemic dimensions of monetary policy-making | ||
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| 689 | 0 | |8 1\p |5 DE-604 | |
| 700 | 1 | |a Corsetti, Giancarlo |e Sonstige |4 oth | |
| 700 | 1 | |a Pesenti, Paolo A. |e Sonstige |4 oth | |
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Datensatz im Suchindex
| _version_ | 1804176845146423296 |
|---|---|
| any_adam_object | |
| author | Buiter, Willem H. 1949- |
| author_additional | Kenji Kawakatsu and Helmut Schlesinger |
| author_facet | Buiter, Willem H. 1949- |
| author_role | aut |
| author_sort | Buiter, Willem H. 1949- |
| author_variant | w h b wh whb |
| building | Verbundindex |
| bvnumber | BV043922202 |
| classification_rvk | QM 331 QM 333 |
| collection | ZDB-20-CBO |
| contents | Forewords Introduction The roots of the European consensus on limiting exchange rate flexibility The ERM and the logic of nominal anchors Escape clauses and financial stability The debate on the ERM crisis Understanding the crisis: The missing elements Lessons for the future Exchange rate stability in Europe: A historical perspective From Bretton Woods to the Treaty of Maastricht The Treaty of Maastricht The unfolding of the 1992 93 ERM crisis Toward the crisis A chronology of the ERM crack up Financial markets and ERM credibility Capital market liberalization and "convergence plays" Defining and measuring ERM credibility Exchange rate expectations before the crisis Modelling currency crises Exchange rate crises and speculative attacks Fundamental models of the ERM crisis A Center Periphery model The Center country The Periphery countries The objective function of the Center The objective function of the Periphery The semireduced form of the model Unilateral pegs and escape clauses: The role of domestic credibility Exchange rate crises as equilibrium outcomes Imperfect commitment and expectations formation Multiple equilibria, self fulfilling expectations, and the ERM crisis Open issues in the "self fulfilling" vs. "fundamental" debate Revisiting theories based on domestic fundamentals A summary Policy coordination and currency crises Noncooperative equilibrium Cooperatio |
| ctrlnum | (ZDB-20-CBO)CR9780511600937 (OCoLC)967422188 (DE-599)BVBBV043922202 |
| dewey-full | 332.4/56/094 |
| dewey-hundreds | 300 - Social sciences |
| dewey-ones | 332 - Financial economics |
| dewey-raw | 332.4/56/094 |
| dewey-search | 332.4/56/094 |
| dewey-sort | 3332.4 256 294 |
| dewey-tens | 330 - Economics |
| discipline | Wirtschaftswissenschaften |
| doi_str_mv | 10.1017/CBO9780511600937 |
| era | Geschichte 1992-1993 gnd |
| era_facet | Geschichte 1992-1993 |
| format | Electronic eBook |
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| geographic | Europäische Union. Mitgliedsstaaten |
| geographic_facet | Europäische Union. Mitgliedsstaaten |
| id | DE-604.BV043922202 |
| illustrated | Not Illustrated |
| indexdate | 2024-07-10T07:38:39Z |
| institution | BVB |
| isbn | 9780511600937 |
| language | English |
| oai_aleph_id | oai:aleph.bib-bvb.de:BVB01-029331283 |
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| owner_facet | DE-12 DE-473 DE-BY-UBG |
| physical | 1 online resource (xii, 223 pages) |
| psigel | ZDB-20-CBO ZDB-20-CBO BSB_PDA_CBO ZDB-20-CBO UBG_PDA_CBO |
| publishDate | 1998 |
| publishDateSearch | 1998 |
| publishDateSort | 1998 |
| publisher | Cambridge University Press |
| record_format | marc |
| series2 | Japan-U.S. Center UFJ Bank monographs on international financial markets |
| spelling | Buiter, Willem H. 1949- Verfasser 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 Financial Markets & European Monetary Cooperation Cambridge Cambridge University Press 1998 1 online resource (xii, 223 pages) txt rdacontent c rdamedia cr rdacarrier Japan-U.S. Center UFJ Bank monographs on international financial markets Title from publisher's bibliographic system (viewed on 05 Oct 2015) 1 1.1 1.2 1.3 1.4 1.5 1.6 2 2.1 2.2 3 3.1 3.2 4 4.1 4.2 4.3 5 5.1 5.2 6 6.1 6.2 6.3 6.4 6.5 6.6 7 7.1 7.2 7.3 7.4 7.5 7.6 8 8.1 8.2 8.3 Forewords Introduction The roots of the European consensus on limiting exchange rate flexibility The ERM and the logic of nominal anchors Escape clauses and financial stability The debate on the ERM crisis Understanding the crisis: The missing elements Lessons for the future Exchange rate stability in Europe: A historical perspective From Bretton Woods to the Treaty of Maastricht The Treaty of Maastricht The unfolding of the 1992 93 ERM crisis Toward the crisis A chronology of the ERM crack up Financial markets and ERM credibility Capital market liberalization and "convergence plays" Defining and measuring ERM credibility Exchange rate expectations before the crisis Modelling currency crises Exchange rate crises and speculative attacks Fundamental models of the ERM crisis A Center Periphery model Introduction The Center country The Periphery countries The objective function of the Center The objective function of the Periphery The semireduced form of the model Unilateral pegs and escape clauses: The role of domestic credibility Exchange rate crises as equilibrium outcomes Imperfect commitment and expectations formation Multiple equilibria, self fulfilling expectations, and the ERM crisis Open issues in the "self fulfilling" vs. "fundamental" debate Revisiting theories based on domestic fundamentals A summary Policy coordination and currency crises Introduction Noncooperative equilibrium Cooperatio Kenji Kawakatsu and Helmut Schlesinger A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992–3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoretical analysis, and an interpretation rooted in the theory, make this treatment essential reading to understand the process toward economic and political integration in Europe. The authors first sketch the history of monetary cooperation in Europe from Bretton Woods to Maastricht. A step-by-step account of the 1992–3 events follows, including a discussion of the extent to which financial markets anticipated the crisis. A survey of the literature on the subject introduces the authors' center-periphery model of currency crisis. The authors argue that the vulnerability of Europe to financial crisis was - and still is - the result of the lack of concern with the systemic dimensions of monetary policy-making European Monetary System (Organization) Geschichte 1992-1993 gnd rswk-swf 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 Sonstige oth Pesenti, Paolo A. Sonstige oth Erscheint auch als Druckausgabe 978-0-521-49547-9 Erscheint auch als Druckausgabe 978-0-521-79440-4 https://doi.org/10.1017/CBO9780511600937 Verlag URL des Erstveröffentlichers Volltext 1\p cgwrk 20201028 DE-101 https://d-nb.info/provenance/plan#cgwrk |
| spellingShingle | Buiter, Willem H. 1949- Financial markets and European monetary cooperation the lessons of the 1992-93 exchange rate mechanism crisis Forewords Introduction The roots of the European consensus on limiting exchange rate flexibility The ERM and the logic of nominal anchors Escape clauses and financial stability The debate on the ERM crisis Understanding the crisis: The missing elements Lessons for the future Exchange rate stability in Europe: A historical perspective From Bretton Woods to the Treaty of Maastricht The Treaty of Maastricht The unfolding of the 1992 93 ERM crisis Toward the crisis A chronology of the ERM crack up Financial markets and ERM credibility Capital market liberalization and "convergence plays" Defining and measuring ERM credibility Exchange rate expectations before the crisis Modelling currency crises Exchange rate crises and speculative attacks Fundamental models of the ERM crisis A Center Periphery model The Center country The Periphery countries The objective function of the Center The objective function of the Periphery The semireduced form of the model Unilateral pegs and escape clauses: The role of domestic credibility Exchange rate crises as equilibrium outcomes Imperfect commitment and expectations formation Multiple equilibria, self fulfilling expectations, and the ERM crisis Open issues in the "self fulfilling" vs. "fundamental" debate Revisiting theories based on domestic fundamentals A summary Policy coordination and currency crises Noncooperative equilibrium Cooperatio European Monetary System (Organization) 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_alt | Financial Markets & European Monetary Cooperation Forewords Introduction The roots of the European consensus on limiting exchange rate flexibility The ERM and the logic of nominal anchors Escape clauses and financial stability The debate on the ERM crisis Understanding the crisis: The missing elements Lessons for the future Exchange rate stability in Europe: A historical perspective From Bretton Woods to the Treaty of Maastricht The Treaty of Maastricht The unfolding of the 1992 93 ERM crisis Toward the crisis A chronology of the ERM crack up Financial markets and ERM credibility Capital market liberalization and "convergence plays" Defining and measuring ERM credibility Exchange rate expectations before the crisis Modelling currency crises Exchange rate crises and speculative attacks Fundamental models of the ERM crisis A Center Periphery model The Center country The Periphery countries The objective function of the Center The objective function of the Periphery The semireduced form of the model Unilateral pegs and escape clauses: The role of domestic credibility Exchange rate crises as equilibrium outcomes Imperfect commitment and expectations formation Multiple equilibria, self fulfilling expectations, and the ERM crisis Open issues in the "self fulfilling" vs. "fundamental" debate Revisiting theories based on domestic fundamentals A summary Policy coordination and currency crises Noncooperative equilibrium Cooperatio |
| 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) 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) Foreign exchange rates / European Union countries International finance Monetary policy / International cooperation Wechselkurs Europäisches Währungssystem Europäische Union. Mitgliedsstaaten |
| url | https://doi.org/10.1017/CBO9780511600937 |
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