| Description |
1 online resource (41 pages) : illustrations |
| Series |
IMF working paper ; 94/21 |
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IMF working paper ; 94/21.
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| Summary |
Annotation 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 |
| Bibliography |
Includes bibliographical references |
| Notes |
Master and use copy. Digital master created according to Benchmark for Faithful Digital Reproductions of Monographs and Serials, Version 1. Digital Library Federation, December 2002. http://purl.oclc.org/DLF/benchrepro0212 MiAaHDL |
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digitized 2010 HathiTrust Digital Library committed to preserve pda MiAaHDL |
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Print version record |
| Subject |
Foreign exchange market -- Europe
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Foreign exchange rates.
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Capital movements.
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Money -- Tables.
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Money
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Capital movements
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Foreign exchange market
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Foreign exchange rates
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Europe
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| Genre/Form |
Tables
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| Form |
Electronic book
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| Author |
Pazarbaşioğlu, Ceyla, author.
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International Monetary Fund. Treasurer's Department, issuing body.
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International Monetary Fund. Exchange Affairs Department, issuing body
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| ISBN |
1455232181 |
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9781455232185 |
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