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Monday, May 11, 2020 | History

2 edition of Destabilizing effects of exchange-rate escape clauses found in the catalog.

Destabilizing effects of exchange-rate escape clauses

Maurice Obstfeld

Destabilizing effects of exchange-rate escape clauses

by Maurice Obstfeld

  • 164 Want to read
  • 16 Currently reading

Published by National Bureau of Economic Research in Cambridge, MA .
Written in English

    Subjects:
  • Foreign exchange administration -- Mathematical models.,
  • Devaluation of currency -- Mathematical models.

  • Edition Notes

    StatementMaurice Obstfeld.
    SeriesNBER working papers series -- working paper no. 3603, Working paper series (National Bureau of Economic Research) -- working paper no. 3603.
    ContributionsNational Bureau of Economic Research.
    The Physical Object
    Pagination29, [8] p. :
    Number of Pages29
    ID Numbers
    Open LibraryOL22438288M

      Searching for the optimal regime within the class of exchange-rate bands, we show that the optimal regime can be either a peg (a zero-width band), a free float (an infinite-width band), or a nondegenerate band of finite width. We study the effect of several factors on the optimal regime and on the probability of currency attacks. Propositions Regarding Exchange Rate Expectations, American Economic Rev Mishkin, Frederic S., , The Economics of Money, Banking and Financial Markets (Addison-Wesley, Reading, MA). Obstfeld, Maurice, , Destabilizing Effects of Exchange Rate Escape Clauses, Journal of International Econom

    Most countries which have experienced exchange rate crises over the last two decades have been under soft pegs or crawls. These exchange rate arrangements have normally succumbed in the face of massive capital inflow reversals --especially in developing countries-- thus provoking a search for options. Hard pegs and floating regimes seem to be the only viable options.   Exchange rate risk is a common feature of cross-border commerce. Failing to document where that risk falls can have significant financial repercussions. Two recent cases illustrate this danger.

    Escape Clause by John Sandford Virgil Flowers series book # 9 2★'s From The Book: The first storm comes from, of all places, the Minnesota zoo. Two large, and very rare, Amur tigers have vanished from their cage, and authorities are worried sick that they’ve been stolen for their body parts/5(K). 4 OTHER EFFECTS OF EXCHANGE RATE CHANGES 46 Globalisation and the impact of exchange rate movements on GDP growth 46 The impact of exchange rate changes on fi rms’ profi tability 47 The importance of valuation effects for the euro area 50 5 CONCLUDING REMARKS 54 EUROPEAN CENTRAL BANK OCCASIONAL PAPER SERIES SINCE


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Destabilizing effects of exchange-rate escape clauses by Maurice Obstfeld Download PDF EPUB FB2

This paper studies the merits of policy rules with escape clauses, analyzing as an example fixed exchange-rate systems that allow member countries the freedom to realign in periods of stress. Motivating this example is the debate within the European Monetary System over how quickly to move from the current regime of national currencies, linked by pegged but adjustable exchange rates, to a Cited by: This paper studies policy rules with escape clauses, analyzing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress.

While well-designed, escape-clause rules can raise society's welfare in principle, limited credibility makes it difficult to implement such rules in by:   This paper studies the merits of policy rules with escape clauses, analyzing as an example fixed exchange-rate systems that allow member countries the freedom to realign in periods of stress.

Motivating this example is the debate within the European Monetary System over how quickly to move from the current regime of national currencies, linked by pegged but adjustable Cited by: Destabilizing Effects of Exchange-Rate Escape Clauses.

Author(s): Obstfeld, Maurice; et al. Main Content Metrics Author & Article Info. Main Content. Download PDF to View View Larger. Thumbnails Document Outline Attachments. Previous. Next. Highlight all Match case. Whole by: "Destabilizing Effects of Exchange-Rate Escape Clauses," CEPR Discussion PapersC.E.P.R.

Discussion Papers. Obstfeld, Maurice, "Destabilizing Effects of Exchange-Rate Escape Clauses," Center for International and Development Economics Research (CIDER) Working PapersUniversity of California-Berkeley, Department of Economics.

Destabilizing Effects of Exchange-Rate Escape Clauses This paper studies the merits of policy rules with escape clauses, analysing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress.

Destablizing effects of exchange-rate escape clauses. Cambridge, MA: National Bureau of Economic Research, [] (OCoLC) Material Type: Internet resource: Document Type: Book, Internet Resource: All Authors / Contributors: Maurice Obstfeld; National Bureau of Economic Research. Destabilizing Effects of Exchange-Rate Escape Clauses.

Maurice Obstfeld. NoCEPR Discussion Papers from C.E.P.R. Discussion Papers Abstract: This paper studies the merits of policy rules with escape clauses, analysing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress.

Motivating this example is the debate within the European Cited by: Destabilizing effects of exchange-rate escape clauses. Maurice Obstfeld. Journal of International Economics,vol.

43, issueDate: References: View references in EconPapers View complete reference list from CitEc Citations: View citations in EconPapers (74) Track citations by RSS feed. Downloads: (external link)Cited by: CiteSeerX - Document Details (Isaac Councill, Lee Giles, Pradeep Teregowda): This paper studies policy rules with escape clauses, analyzing as an example fixed exchange rate systems that allow member countries the freedom to realign in periods of stress.

While well-designed, escape-clause rules can raise society’s welfare in principle, limited credibility makes it difficult to implement such. DESTABILIZING EFFECTS OF EXC}IANGE—RATE ESCAPE CLAUSES () Cached.

Download Links [] [] Save to List {Maurice Obstfeld and Maurice Obstfeld}, title = {DESTABILIZING EFFECTS OF EXC}IANGE—RATE ESCAPE CLAUSES}, year = {}} Share. OpenURL. Abstract. This paper was written while I was a visitor at the.

Destabilizing Effects of Exchange-Rate Escape Clauses. By Maurice Obstfeld. Download PDF ( KB) Abstract.

This paper studies the merits of policy rules with escape clauses, analyzing as an example fixed exchange-rate systems that allow member countries the freedom to realign in periods of stress. This paper studies the merits of policy rules with escape clauses, analyzing as an example fixed exchange-rate systems that allow member countries the freedom to realign in periods of stress.

Motivating this example is the debate within the European Monetary System over how quickly to move from the current regime of national currencies, linked by pegged but adjustable exchange rates, to a.

Destabilizing Speculation and Exchange Rate Volatility “People who have argued that speculation can be destabilizing seldom realize that this is largely equivalent to saying that speculators lose money, since speculation can be destabilizing in general only if speculators sell when the currency is low in price and buy when it is high.”.

by Maurice Obstfeld. Exchange Rate Dynamics Redux. by Maurice Obstfeld and Kenneth Rogoff. The Global Capital Market: Benefactor or Menace. by Maurice Obstfeld. Are Industrial-Country Consumption Risks Globally Diversified.

by Maurice Obstfeld. Destabilizing Effects of Exchange-Rate Escape Clauses. by Maurice Obstfeld. On Inflation Targeting and Foreign Exchange Interventions in a Dual Currency Economy. Obstfeld, M. Destabilizing effects of exchange-rate escape clauses.

Journal of International Economics, 43(1–2), Rajković I., Urošević B. () On Inflation Targeting and Foreign Exchange Interventions in a Dual Currency Economy. Journals & Books; Help; Journal of International Economics. Supports open access. Articles and issues.

About. Submit your article; Latest issue All issues. Search in this journal. Vol Issues 1–2 Pages (August ) Download full issue. Previous vol/issue. Next vol/issue. Destabilizing effects of exchange-rate escape clauses. This paper considers the exchange-rate-regime issue in the context of recent books on the subject by W.

Max Corden and Morris Goldstein. Destabilizing Effects of Exchange Rate Escape Clauses. Inspired by Dornbusch's model of exchange rate overshooting we develop a theory of stock market behaviour. The idea is that stock market prices overshoot and undershoot their long-run equilibrium values which are determined by the development in the real economy.

The overshooting is fuelled primarily by a loose monetary policy. The simple macro model consists of three markets – the money. The discussion follows a text on theoretical aspects of currency crises "Destabilizing Effects of Exchange Rate Escape Clauses".

National Bureau of Economic Research (NBER). DESTABILIZING EFFECTS OF EXC}IANGE—RATE ESCAPE CLAUSES ABSTRACT This paper studies the merits of policy rules with escape clauses, analyzing as an example fixed exchange-rate systems that allow member countries the freedom to realign in periods of stress.

Motivating this example is the debate within the.Obstfeld, Maurice () “Destabilizing Effects of Exchange Rate Escape Clauses.” NBER Working Paper No. Premchand, A. () Government Budgeting and .The choice of exchange rate bands: balancing credibility and flexibility Alex Cukiermana,b,*, Yossi Spiegelc, Obstfeld uses a fixed exchange rate framework with escape clauses for periods of stress to show that such The main difference is that Obstfeld examines the destabilizing effects of fixed exchange rates with escape.