Why the Middle is Unstable: The Political Economy of Exchange Rate Regimes and Currency Crises
Author
Abstract
Suggested Citation
DOI: 10.1111/j.1467-9701.2007.01023.x
Download full text from publisher
References listed on IDEAS
- Mr. Aasim M. Husain & Mr. Ashoka Mody & Nienke Oomes & Mr. Robin Brooks & Mr. Kenneth Rogoff, 2003.
"Evolution and Performance of Exchange Rate Regimes,"
IMF Working Papers
2003/243, International Monetary Fund.
- Mr. Robin Brooks & Mr. Kenneth Rogoff & Mr. Ashoka Mody & Nienke Oomes & Mr. Aasim M. Husain, 2004. "Evolution and Performance of Exchange Rate Regimes," IMF Occasional Papers 2004/004, International Monetary Fund.
- Jeffrey Frankel & Sergio Schmukler & Luis Serven, 2000. "Verifiability and the Vanishing Intermediate Exchange Rate Regime," NBER Working Papers 7901, National Bureau of Economic Research, Inc.
- Joshua Aizenman & Nancy Marion, 2004.
"International Reserve Holdings with Sovereign Risk and Costly Tax Collection,"
Economic Journal, Royal Economic Society, vol. 114(497), pages 569-591, July.
- Joshua Aizenman & Nancy P. Marion, 2002. "International Reserve Holdings with Sovereign Risk and Costly Tax Collection," NBER Working Papers 9154, National Bureau of Economic Research, Inc.
- Andrews, David M. & Willett, Thomas D., 1997. "Financial Interdependence and the State: International Monetary Relations at Century's End," International Organization, Cambridge University Press, vol. 51(3), pages 479-511, July.
- Alberto Alesina & Nouriel Roubini & Gerald D. Cohen, 1997. "Political Cycles and the Macroeconomy," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262510944, December.
- Satyanath,Shanker, 2005. "Globalization, Politics, and Financial Turmoil," Cambridge Books, Cambridge University Press, number 9780521854924, November.
- Aizenman, Joshua & Marion, Nancy P., 2003. "International Reserve Holdings with Sovereign Risk and Costly Tax Collection," Santa Cruz Department of Economics, Working Paper Series qt9s7978n1, Department of Economics, UC Santa Cruz.
- Stein, Ernesto H. & Salazar, Natalia & Steiner, Roberto & Díaz-Bonilla, Eugenio & Bonomo, Marco & Jaramillo, Juan C. & Schamis, Hector E. & Pascó-Front, Alberto & Ghezzi, Piero & Terra, Maria Cristina, 2001. "The Currency Game: Exchange Rate Politics in Latin America," IDB Publications (Books), Inter-American Development Bank, number 391, June.
- Mongelli, Francesco Paolo & De Grauwe, Paul, 2005.
"Endogeneities of optimum currency areas: what brings countries sharing a single currency closer together?,"
Working Paper Series
468, European Central Bank.
- Paul de Grauwe & Francesco Paolo Mongelli, 2005. "Endogeneities of Optimum Currency Areas: What brings Countries Sharing a Single Currency Closer together?," Working Papers de Economia (Economics Working Papers) 29, Departamento de Economia, Gestão e Engenharia Industrial, Universidade de Aveiro.
- Mongelli, Francesco Paolo & Vega, Juan Luis, 2006. "What effects is EMU having on the euro area and its member countries? An overview," Working Paper Series 599, European Central Bank.
- Ernesto H. Stein & Natalia Salazar & Roberto Steiner & Eugenio Díaz-Bonilla & Marco Bonomo & Juan C. Jaramillo & Hector E. Schamis & Alberto Pascó-Front & Piero Ghezzi & Maria Cristina Terra & José De, 2001. "The Currency Game: Exchange Rate Politics in Latin America," IDB Publications (Books), Inter-American Development Bank, number 77398 edited by Ernesto H. Stein & Jeffry Frieden, February.
- repec:idb:brikps:77398 is not listed on IDEAS
- John Williamson, 2000. "Exchange Rate Regimes for Emerging Markets: Reviving the Intermediate Option," Peterson Institute Press: All Books, Peterson Institute for International Economics, number pa60.
- Federico Sturzenegger & Mariano Tommasi (ed.), 1998. "The Political Economy of Reform," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262194007, December.
- Aizenman, Joshua & Marion, Nancy P., 2003. "International Reserve Holdings with Sovereign Risk and Costly Tax Collection," Santa Cruz Center for International Economics, Working Paper Series qt9s7978n1, Center for International Economics, UC Santa Cruz.
- Mr. Andrea Bubula & Ms. Inci Ötker, 2003. "Are Pegged and Intermediate Regimes More Crisis Prone?," IMF Working Papers 2003/223, International Monetary Fund.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Russell Jesse R., 2012. "Disequilibrium in the International Balance of Payments," Journal des Economistes et des Etudes Humaines, De Gruyter, vol. 18(1), pages 1-17, May.
- Wong, Clement Yuk-pang & Cheung, Yin-Wong, 2008.
"Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios,"
Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 2, pages 1-61.
- Cheung, Yin-Wong & Yuk-Pang Wong, Clement, 2007. "Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios," Economics Discussion Papers 2007-24, Kiel Institute for the World Economy (IfW Kiel).
- Yin-wong Cheung & Clement Yuk-pang Wong, 2008. "Are All Measures of International Reserves Created Equal? An Empirical Comparison of International Reserve Ratios," Working Papers 132008, Hong Kong Institute for Monetary Research.
- William R. Clark & Mark Hallerberg & Manfred Keil & Thomas D. Willett, 2012. "Measures of financial openness and interdependence," Journal of Financial Economic Policy, Emerald Group Publishing Limited, vol. 4(1), pages 58-75, April.
- Muammer Wali & Meher Manzur, 2013. "Exchange Rate Volatility Before and After the Float," The World Economy, Wiley Blackwell, vol. 36(8), pages 1091-1097, August.
- Walter, Stefanie, 2008. "A New Approach for Determining Exchange-Rate Level Preferences," International Organization, Cambridge University Press, vol. 62(3), pages 405-438, July.
- Apanard P. Angkinand & Thomas D. Willett, 2011. "Exchange rate regimes and banking crises: the channels of influence investigated," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 16(3), pages 256-274, July.
Most related items
These are the items that most often cite the same works as this one and are cited by the same works as this one.- Sula, Ozan, 2011. "Demand for international reserves in developing nations: A quantile regression approach," Journal of International Money and Finance, Elsevier, vol. 30(5), pages 764-777, September.
- Sula, Ozan & Oguzoglu, Umut, 2021. "International reserves and economic growth," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 16-28.
- Aizenman, Joshua & LEE, JAEWOO, 2005. "International Reserves: Precautionary versus Mercantilist Views, Theory and Evidence," Santa Cruz Department of Economics, Working Paper Series qt2tn4w8x6, Department of Economics, UC Santa Cruz.
- Naveen Srinivasan & Vidya Mahambare & M. Ramachandran, 2015. "Capital Controls, Exchange Market Intervention and International Reserve Accumulation in India," Working Papers 2015-103, Madras School of Economics,Chennai,India.
- Alfaro, Laura & Kanczuk, Fabio, 2009.
"Optimal reserve management and sovereign debt,"
Journal of International Economics, Elsevier, vol. 77(1), pages 23-36, February.
- Laura Alfaro & Fabio Kanczuk, 2007. "Optimal reserve management and sovereign debt," Working Paper Series 2007-29, Federal Reserve Bank of San Francisco.
- Laura Alfaro & Fabio Kanczuk, 2007. "Optimal Reserve Management and Sovereign Debt," NBER Working Papers 13216, National Bureau of Economic Research, Inc.
- Eifert, Benn & Gelb, Alan, 2008. "Reforming Aid: Toward More Predictable, Performance-Based Financing for Development," World Development, Elsevier, vol. 36(10), pages 2067-2081, October.
- Mr. Wendell A. Samuel & Emilio Pineda & Mr. Mario Dehesa, 2009. "Optimal Reserves in the Eastern Caribbean Currency Union," IMF Working Papers 2009/077, International Monetary Fund.
- Aizenman, Joshua & Lee, Yeonho & Rhee, Yeongseop, 2004. "International Reserves Management and Capital Mobility in a Volatile World: Policy Considerations and a Case Study of Korea," Santa Cruz Department of Economics, Working Paper Series qt65p8p9qq, Department of Economics, UC Santa Cruz.
- Soro, Garbobiya Tuwe & Aras, Osman Nuri, 2021. "The Implication of Exchange Rate Volatility on Nigeria’s External Reserves: 1980-2020," MPRA Paper 108347, University Library of Munich, Germany.
- Eswar Prasad & Shang-Jin Wei, 2007.
"The Chinese Approach to Capital Inflows: Patterns and Possible Explanations,"
NBER Chapters, in: Capital Controls and Capital Flows in Emerging Economies: Policies, Practices, and Consequences, pages 421-480,
National Bureau of Economic Research, Inc.
- Shang-Jin Wei & Mr. Eswar S Prasad, 2005. "The Chinese Approach to Capital Inflows: Patterns and Possible Explanations," IMF Working Papers 2005/079, International Monetary Fund.
- Eswar Prasad & Shang-Jin Wei, 2005. "The Chinese Approach to Capital Inflows: Patterns and Possible Explanations," NBER Working Papers 11306, National Bureau of Economic Research, Inc.
- Cheung, Yin-Wong & Sengupta, Rajeswari, 2011.
"Accumulation of reserves and keeping up with the Joneses: The case of LATAM economies,"
International Review of Economics & Finance, Elsevier, vol. 20(1), pages 19-31, January.
- Cheung, Yin-Wong & Sengupta, Rajeswari, 2010. "Accumulation of reserves and keeping up with the Joneses: the case of LATAM economies," MPRA Paper 30426, University Library of Munich, Germany.
- Yin-Wong Cheung & Rajeswari Sengupta, 2010. "Accumulation of Reserves and Keeping Up with the Joneses: The Case of LATAM Economies," Working Papers 212010, Hong Kong Institute for Monetary Research.
- Aizenman, Joshua & Pinto, Brian, 2011. "Managing Financial Integration and Capital Mobility— Policy lessons from the past two decades," Santa Cruz Department of Economics, Working Paper Series qt9j53m1tp, Department of Economics, UC Santa Cruz.
- Qian, Xingwang & Steiner, Andreas, 2017.
"International reserves and the maturity of external debt,"
Journal of International Money and Finance, Elsevier, vol. 73(PB), pages 399-418.
- Xingwang Qian & Andreas Steiner, "undated". "International Reserves, External Debt Maturity, and the Reinforcement Effect for Financial Stability," GRU Working Paper Series GRU_2016_012, City University of Hong Kong, Department of Economics and Finance, Global Research Unit.
- Xingwang Qian & Andreas Steiner, 2016. "International Reserves, External Debt Maturity, and the Reinforcement Effect for Financial Stability," ifo Working Paper Series 211, ifo Institute - Leibniz Institute for Economic Research at the University of Munich.
- Aizenman, Joshua, 2005. "Ex ante carrots instead of ex post sticks: two examples," Santa Cruz Center for International Economics, Working Paper Series qt22k9w6ck, Center for International Economics, UC Santa Cruz.
- Ramon Moreno, 2005. "Motives for intervention," BIS Papers chapters, in: Bank for International Settlements (ed.), Foreign exchange market intervention in emerging markets: motives, techniques and implications, volume 24, pages 4-18, Bank for International Settlements.
- Enrique Alberola & José María Serena, 2007. "Global financial integration, monetary policy and reserve accumulation. Assessing the limits in emerging economies," Working Papers 0706, Banco de España.
- Graham Bird & Alex Mandilaras, 2010.
"Revisiting Mrs. Machlup's wardrobe: the accumulation of international reserves, 1992-2001,"
Applied Economics Letters, Taylor & Francis Journals, vol. 17(5), pages 467-471.
- Graham Bird & Alex Mandilaras, 2007. "Revisiting Mrs. Machlup's Wardrobe: The Accumulation of International Reserves, 1992-2001," School of Economics Discussion Papers 1207, School of Economics, University of Surrey.
- Dreher, Axel & Vaubel, Roland, 2009.
"Foreign exchange intervention and the political business cycle: A panel data analysis,"
Journal of International Money and Finance, Elsevier, vol. 28(5), pages 755-775, September.
- Axel Dreher & Roland Vaubel, 2005. "Foreign Exchange Intervention And The Political Business Cycle: A Panel Data Analysis," International Finance 0505009, University Library of Munich, Germany.
- Axel Dreher & Roland Vaubel, 2007. "Foreign Exchange Intervention and the Political Business Cycle: A Panel Data Analysis," KOF Working papers 07-159, KOF Swiss Economic Institute, ETH Zurich.
- Miss Nkunde Mwase, 2012. "How much should I hold? Reserve Adequacy in Emerging Markets and Small Islands," IMF Working Papers 2012/205, International Monetary Fund.
- Aizenman, Joshua & Ito, Hiro, 2012.
"Trilemma policy convergence patterns and output volatility,"
The North American Journal of Economics and Finance, Elsevier, vol. 23(3), pages 269-285.
- Joshua Aizenman & Hiro Ito, 2012. "Trilemma Policy Convergence Patterns and Output Volatility," Working Papers 112012, Hong Kong Institute for Monetary Research.
- Joshua Aizenman & Hiro Ito, 2012. "Trilemma Policy Convergence Patterns and Output Volatility," NBER Working Papers 17806, National Bureau of Economic Research, Inc.
Corrections
All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:worlde:v:30:y:2007:i:5:p:709-732. See general information about how to correct material in RePEc.
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley-Blackwell Digital Licensing or Christopher F. Baum (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0378-5920 .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.