The monetary Authority of Singapore (MAS) has a policy of controlling bank lending in Singapore dollars to non-residents and residents outside Singapore. One of the objectives of this MAS policy is to discourage speculation against the Singapore dollar in times of currency crisis. The present...

Aus der Einleitung: Aus den Diskussionen, die anläßlich der Dollar-Krise 1970/71 geführt werden, läßt sich entnehmen, daß sowohl bürgerliche Ökonomen wie auch Marxisten unklare Vorstellungen über die Ursachen von Währungskrisen haben. In den uns bekannten Arbeiten wird nicht der...

In determining the maturity structure of bank loans in the presence of pre-determined short-term international liabilities, we show that maturity mismatches in banks’ balance sheets are fully consistent with the assumption of banks acting as self-interested, optimising agents. Although often...

An important element of the Thai crisis was the sterilisation of reserve outflows by the monetary authorities in an attempt to bailout fragile banks. This paper develops a new second generation currency crisis model to explore the effects of such a policy.