Exchange Market Pressures and Speculative Capital Flows in Selected European Countries:
This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
1994
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 94/21 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 Volltext |
| Zusammenfassung: | This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. The recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement |
| Beschreibung: | 1 Online-Ressource (72 p) |
| ISBN: | 1451921578 9781451921571 |
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| illustrated | Not Illustrated |
| index_date | 2024-07-03T20:13:17Z |
| indexdate | 2024-07-10T09:35:24Z |
| institution | BVB |
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| language | English |
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| record_format | marc |
| series2 | IMF Working Papers |
| spelling | Pazarbasioglu, Ceyla Verfasser aut Exchange Market Pressures and Speculative Capital Flows in Selected European Countries Pazarbasioglu, Ceyla Washington, D.C International Monetary Fund 1994 1 Online-Ressource (72 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 94/21 This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devaluations in adjustable fixed exchange rate systems in the European currency markets. For a sample of five countries, including Denmark, Ireland, Spain, Norway, and Sweden, our empirical analyses show that both economic fundamentals and speculative factors have a significant influence on the probability of devaluations. The recent experience in the European foreign exchange markets suggests that the latest realignments are mainly the result of foreign exchange market tensions amidst the growing conflict between the needs of the domestic economies and the policies needed to maintain fixed exchange rates. Our results confirm that regardless of the source of the deterioration in economic conditions, market participants perceived the existing parities of the currencies in these five countries as inconsistent with their underlying economic fundamentals, thus effectively bringing about either a realignment or a modification of the exchange arrangement Online-Ausg Ötker, Inci Sonstige oth http://elibrary.imf.org/view/IMF001/02153-9781451921571/02153-9781451921571/02153-9781451921571.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Pazarbasioglu, Ceyla Exchange Market Pressures and Speculative Capital Flows in Selected European Countries |
| title | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries |
| title_auth | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries |
| title_exact_search | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries |
| title_exact_search_txtP | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries |
| title_full | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries Pazarbasioglu, Ceyla |
| title_fullStr | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries Pazarbasioglu, Ceyla |
| title_full_unstemmed | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries Pazarbasioglu, Ceyla |
| title_short | Exchange Market Pressures and Speculative Capital Flows in Selected European Countries |
| title_sort | exchange market pressures and speculative capital flows in selected european countries |
| url | http://elibrary.imf.org/view/IMF001/02153-9781451921571/02153-9781451921571/02153-9781451921571.xml |
| work_keys_str_mv | AT pazarbasiogluceyla exchangemarketpressuresandspeculativecapitalflowsinselectedeuropeancountries AT otkerinci exchangemarketpressuresandspeculativecapitalflowsinselectedeuropeancountries |