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Currency Prices, the Nominal Exchange Rate, and Security Prices in a Two Country Dynamic Monetary Equilibrium

Basak, S.; Gallmeyer, M. - Weiss Center for International Financial Research, … - 1998

This paper examines a continuous-time two country dynamic monetary equilibrium in which countries with possible heterogeneous tastes and endowments hold their own money for the purpose of transaction services formulated via the money in the utility function. Given a price system, no-arbitrage...

Persistent link: https://www.econbiz.de/10005777118

Life at the Top: International Currencies in the 21st Century

Cohen, Benjamín J - In: Latin American Journal of Economics-formerly Cuadernos … 37 (2000) 110, pp. 9-34

What are the prospects for today’s top international currencies in the twenty-first century? This paper explores how … the future of the top currencies — the dollar, euro and yen— will be influenced by three key considerations: the logic of …

Persistent link: https://www.econbiz.de/10005812086

Optimal Exchange Rate Targets and Macroeconomic Stabilization.

Ila, Enrique Alberola - Banco de España - 1996

Exchange rate targets in a stabilization game are considered. The targeting strategy consists on the choice of a desired level for the exchange and the weight assigned to such target in the loss function. The exchange rate target appears then as an intermediate objective and acts as a surrogate...

Persistent link: https://www.econbiz.de/10005088323

A Model of the Currency Crisis of 1992: the Case of the British Pound and the Italian Lira

Mongiardino, A. - Department of Economics, University of Warwick - 1996

the subsequent exit of these currencies from the ERM in September 1992. One element that has been crucial in the … willingness of the Bundesbank to intervene and support the weak currencies of the System. The model will focus on this aspect and … will provide a framework where the agents' uncertainty about the stance of the Bundesbank towards the 'weak' currencies of …

Persistent link: https://www.econbiz.de/10005178299

Would SDR Value Have Been Affected by Replacement of the Three European Currencies with the ECU (Euro)?

Leroux, F. - HEC Montréal (École des Hautes Études Commerciales) - 1996

This paper looks at what would have been the impact of replacing the three European currencies by the Ecu in the SDR …

Persistent link: https://www.econbiz.de/10005035753

The Anatomy of the East Asian Crisis: an Alternative Model of Currency Crises.

de Brito, J.B. - Department of Economics, University of Birmingham - 1999

In the prolific literature that followed the East Asian crisis two core ideas seemed to gather considerably support amongst reserachers, namely that previous models of currency crisis are not fully suitable to examine this particular set of events and that the Asian crisis ensued from a...

Persistent link: https://www.econbiz.de/10005738199

Currencies, Crises, and Crashes

Kenen, Peter - In: Eastern Economic Journal 28 (2002) 1, pp. 1-12

depreciations of their countries' currencies had huge balance-sheet effects that led to an implosion of domestic credit flows … far less funding available up front--too little to arrest the collapse of the Asian currencies. In future, the …

Persistent link: https://www.econbiz.de/10005641855

Leading Indicators of Currency Crises in Emerging Economies.

Burkart, O.; Coudert, V. - Banque de France - 2000

This study identifies common features of currency crises in 15 emerging countries over the period 1980-1998. By analyzinf such features, we build an early-warning system aimed at predicting looming crises in probabilistic terms.

Persistent link: https://www.econbiz.de/10005646659

A Search Theoretic Model of Legal and Illegal Currency

Soller, E.V.; Waller, C. - Department of Economics, Indiana University - 1997

Using a search theoretic model of money, we explore the conditions under which two currencies, domestic and foreign … government policy regarding enforcement of currency laws affects the equilibrium value of both currencies, the exchange rate and …

Persistent link: https://www.econbiz.de/10005646986

Prospective Deficits and the Asian Currency Crisis.

Burnside, C.; Eichenbaum, M.; Rebelo, S. - University of Rochester - Center for Economic Research … - 1998

This paper argues that the recent Asian currency crisis was caused by large prospective deficits associated with implicit bail out guaranteed to guarantees to failing banking systems. We articulate this view using a simple dynamic general equilibrium model whose key feature is that a speculative...

Persistent link: https://www.econbiz.de/10005698151