منابع مشابه
Exchange Rate Adjustment in Financial Crises∗
In the 1990’s many economists criticized emerging market countries for their unwillingness to allow exchange rates to adjust. The ‘fear of floating’ was seen as severe distortion in the international monetary system, and a hindrance to good macroeconomic policy for these countries. In the worst case, a persistent defence of an exchange rate peg could lead to over -borrowing and precipitate curr...
متن کاملFinancial Crises: Prevention, Correction, and Monetary Policy
The financial crisis that surfaced in 2007 has stressed the need to identify the ultimate sources of the incentives that were behind the preceding credit and housing bubbles. To lower the likelihood of future financial collapses, prudent economic policies as well as an adequate regulatory and supervisory framework for financial institutions are required. Monetary policy, in turn, should be dire...
متن کاملExchange Rate Policy of Iran
The exchange rate regime in Iran is practically fixed. The Central Bank of Iran (CBI) has committed itself to trying to bring about a particular exchange rate regime to meet two important targets: 1. Sustaining competitiveness of the economy, 2. Acquiring the share of foreign reserves in monetary base in a predetermined level. Since 2001 the share of foreign reserves in monetary base has i...
متن کاملContagion Phenomena in Financial Crises: Evidence from the Portuguese and Spanish Exchange Rate Crises in the Early 1990s
Based on the experience of the Portuguese and Spanish financial crises in the early 1990s, this paper suggests that the spillover of exchange rate crises may reveal a particular dimension of the financial contagion effect: the presumption of mimetic behaviour by monetary authorities. This paper analyses the evolution of the credibility of the Escudo and the Peseta. We set out to test the existe...
متن کاملFinancial Crises and Political Crises∗
The simultaneous determination of financial default and political crises is studied in an open economy model. Political crises accompany default in equilibrium because of an information transmission conflict between the government and the public. Multiple equilibria are possible: if foreign lenders are pessimistic about the country’s stability, they demand a high interest on the debt, exacerbat...
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ژورنال
عنوان ژورنال: Journal of International Economics
سال: 2015
ISSN: 0022-1996
DOI: 10.1016/j.jinteco.2014.11.009