| Description |
1 online resource (ix, 188 pages) : illustrations |
| Contents |
Ending Gold Convertibility in the 1930s -- Coalition Bickering in Turkey, 2000-01 -- Meltdown in Argentina, 1991-2002 -- Emerging Political Patterns -- A Basic Second-Generation Model -- The Credibility Problem of Currency Pegs -- Two Types of Commitment Devices -- Uncertainty and the Role of Elections -- A Fiscal Veto Player -- Currency Crises and Fiscal Policy Decisions -- The Scope for Intra-Governmental Confict -- A Stochastic Fiscal Target -- Lobbying and Exchange Rate Stability -- Literature Survey -- Data Set and Empirical Strategy -- Country Sample and Crisis Measure -- The Choice of Regressors -- Empirical Strategy -- Key Findings -- Descriptive Statistics -- Political-Economy Logit Models -- Robustness Checks -- Extensions -- The Link between Elections and Crises -- The Link between Left Governments and Crises |
| Summary |
A lot of research has been carried out on currency crises, but the existing literature largely fails to adequately recognize the role of politics in creating financial turbulence. This book explains the role of political factors in the occurrence of currency crises, using an eclectic approach that blends case study methodology, a rigorous theoretical discussion, and econometric analysis. A lot of research has been carried out on currency crises, but the existing literature largely fails to adequately recognize the role of politics in creating financial turbulence. This book explains the role of political factors in the occurrence of currency crises. It starts out with a discussion of political developments in four prominent crisis cases, including Turkey and Argentina in the early 2000s, before discussing various extensions of a workhorse model of the economics literature, two of which are original, to show how upcoming elections, intra-governmental conflict, and lobbying activity can impact the stability of an exchange rate regime. The econometric analysis uses a diverse sample of 69 countries over 1975-97 to determine whether the inclusion of political variables can make a difference in crisis prediction without adding too much complexity, compared with standard early-warning-systems models that rely exclusively on macroeconomic fundamentals. This book provides a thorough and in-depth report, seeking to translate concepts from the discipline of political science into the language of economics. It is essential reading for all interested in international political economy and financial crises |
| Bibliography |
Includes bibliographical references and index |
| Notes |
English |
|
Print version record |
| Subject |
Currency crises.
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Monetary policy.
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Political economy.
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BUSINESS & ECONOMICS -- Money & Monetary Policy.
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Economics.
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Currency crises
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Monetary policy
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Penningpolitik.
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Valutakriser.
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| Form |
Electronic book
|
| ISBN |
9780230233645 |
|
0230233643 |
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9781349307357 |
|
1349307351 |
|
9786612507151 |
|
6612507152 |
|
