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The Macroeconomic Theory of Exchange Rate Crises (Hardcover, New)
Loot Price: R4,164
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The Macroeconomic Theory of Exchange Rate Crises (Hardcover, New)
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This book deals with the genesis and dynamics of exchange rate
crises in fixed or managed exchange rate systems. It provides a
comprehensive treatment of the existing theories of exchange rate
crises and of financial market runs. It aims to provide a survey of
both the theoretical literature on international financial crises
and a systematic treatment of the analytical models. It analyzes a
series of macroeconomic models and demonstrates their properties
and conclusions, including comparative statics and dynamic
behaviour. The models cover the range of phenomena exhibited in
modern crises experienced in countries with fixed or managed
exchange rate systems. Among the topics covered, beyond currency
sustainability, are bank runs, the interaction between bank
solvency and currency stability, capital flows and borrowing
constraints, uncertainty about government policies, asymmetric
information and herding behaviour, contagion across markets and
countries, financial markets and asset price bubbles, strategic
interaction among agents and equilibrium selection, the dynamics of
speculative attacks and of financial crashes in international
capital markets. The book is intended for econometricians,
academics, policymakers and specialists in the field, and
postgraduate students in economics.
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