Self-Fulfilling and Fundamentals Based Speculative Attacks: A Theoretical Interpretation of the Euro Area Crisis
Author
Abstract
Suggested Citation
DOI: 10.1515/gej-2015-0063
Download full text from publisher
As the access to this document is restricted, you may want to search for a different version of it.
References listed on IDEAS
- Bensaid, Bernard & Jeanne, Olivier, 1997.
"The instability of fixed exchange rate systems when raising the nominal interest rate is costly,"
European Economic Review, Elsevier, vol. 41(8), pages 1461-1478, August.
- Bensaid, B.B. & Jeanne, O., 1995. "The Instability of Fixed Exchange Rate Systems when Raising the Nominal Interest Rate is Costly," Papers 9536, Tilburg - Center for Economic Research.
- Krugman, Paul, 1979. "A Model of Balance-of-Payments Crises," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 11(3), pages 311-325, August.
Citations
Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
Cited by:
- Della Posta, Pompeo, 2018. "A model of currency crises with heterogeneous market beliefs," The North American Journal of Economics and Finance, Elsevier, vol. 45(C), pages 182-195.
- Pompeo Della Posta, 2018. "Fiscal austerity and monetary easing: which one is to be praised for ending the euro area crisis?," European Journal of Comparative Economics, Cattaneo University (LIUC), vol. 15(1), pages 165-189, June.
- Pompeo Della Posta & Enrico Marelli & Marcello Signorelli, 2020. "A market‐financed and growth‐enhancing investment plan for the euro area," Metroeconomica, Wiley Blackwell, vol. 71(3), pages 604-632, July.
- Della Posta, Pompeo, 2016. "Currency and external debt crises: A unifying framework," Journal of Policy Modeling, Elsevier, vol. 38(4), pages 723-736.
- Della Posta, Pompeo, 2021. "Government size and speculative attacks on public debt," International Review of Economics & Finance, Elsevier, vol. 72(C), pages 79-89.
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.- Eijffinger Sylvester C. W. & Goderis Benedikt, 2007.
"Currency Crises, Monetary Policy and Corporate Balance Sheets,"
German Economic Review, De Gruyter, vol. 8(3), pages 309-343, August.
- Sylvester C. W. Eijffinger & Benedikt Goderis, 2007. "Currency Crises, Monetary Policy and Corporate Balance Sheets," German Economic Review, Verein für Socialpolitik, vol. 8(3), pages 309-343, August.
- Mr. Andrew K. Rose & Mr. Robert P Flood, 2001.
"Uncovered Interest Parity in Crisis: The Interest Rate Defense in the 1990s,"
IMF Working Papers
2001/207, International Monetary Fund.
- Flood, Robert P & Rose, Andrew, 2001. "Uncovered Interest Parity in Crisis: The Interest Rate Defence in the 1990s," CEPR Discussion Papers 2943, C.E.P.R. Discussion Papers.
- M. Berlemann & K. Hristov & Nikolay Nenovsky, 2002.
"Lending of last resort, moral hazard and twin crises. Lessons from the Bulgarian financial crises 1996/1997,"
Post-Print
halshs-00260052, HAL.
- Michael Berlemann & Kalin Hristov & Nikolay Nenovsky, 2002. "Lending of Last Resort, Moral Hazard and Twin Crises: Lessons from the Bulgarian Financial Crisis 1996/1997," William Davidson Institute Working Papers Series 464, William Davidson Institute at the University of Michigan.
- repec:bla:scandj:v:98:y:1996:i:4:p:463-84 is not listed on IDEAS
- Della Posta, Pompeo, 2016. "Currency and external debt crises: A unifying framework," Journal of Policy Modeling, Elsevier, vol. 38(4), pages 723-736.
- Allan Drazen, 2000.
"Political Contagion in Currency Crises,"
NBER Chapters, in: Currency Crises, pages 47-67,
National Bureau of Economic Research, Inc.
- Allan Drazen, 1999. "Political Contagion in Currency Crises," NBER Working Papers 7211, National Bureau of Economic Research, Inc.
- Jean-Pierre Allegret & Marie-Noëlle Calès, 2001.
"Attaques spéculatives et crédibilité du régime de change. Quel arbitrage pour le policy-mix ?,"
Revue économique, Presses de Sciences-Po, vol. 52(2), pages 249-264.
- Jean-Pierre Allegret & Marie-Noëlle Calès, 2001. "Attaques spéculatives et crédibilité du régime de change. Quel arbitrage pour le policy-mix ?," Revue Économique, Programme National Persée, vol. 52(2), pages 249-264.
- Jean-Pierre Allegret & Marie-Noëlle Calès, 2000. "Attaques spéculatives et crédibilité du régime de change : quel arbitrage pour le policy-mix ?," Post-Print halshs-00146978, HAL.
- Jean-Pierre Allegret & Marie-Noëlle Calès, 2001. "Attaques spéculatives et crédibilité du régime de change : quel arbitrage pour le policy-mix ?," Post-Print hal-01660196, HAL.
- Jeanne, Olivier, 1997. "Are currency crises self-fulfilling?: A test," Journal of International Economics, Elsevier, vol. 43(3-4), pages 263-286, November.
- Brana, Sophie & Chenaf-Nicet, Dalila, 2001. "Indicateurs avancés de crise de change : un examen critique," L'Actualité Economique, Société Canadienne de Science Economique, vol. 77(4), pages 569-592, décembre.
- Drazen, Allan, 2000. "Interest-rate and borrowing defense against speculative attack," Carnegie-Rochester Conference Series on Public Policy, Elsevier, vol. 53(1), pages 303-348, December.
- Fielding, David & Mizen, Paul, 2001. "Seigniorage revenue, deficits and self-fulfilling currency crises," Journal of Development Economics, Elsevier, vol. 65(1), pages 81-93, June.
- F. Gulcin Ozkan, 2005. "Currency and Financial Crises in Turkey 2000 –2001: Bad Fundamentals or Bad Luck?," The World Economy, Wiley Blackwell, vol. 28(4), pages 541-572, April.
- Roger Craine, 1999. "Exchange Rate Regime Credibility, the Agency Cost of Capital and Devaluation," International Finance 9902002, University Library of Munich, Germany.
- Obstfeld, Maurice, 1996.
"Models of currency crises with self-fulfilling features,"
European Economic Review, Elsevier, vol. 40(3-5), pages 1037-1047, April.
- Maurice Obstfeld, 1995. "Models of Currency Crises with Self-Fulfilling Features," NBER Working Papers 5285, National Bureau of Economic Research, Inc.
- Obstfeld, Maurice, 1996. "Models of Currency Crises with Self-fulfilling Features," CEPR Discussion Papers 1315, C.E.P.R. Discussion Papers.
- Post, Erik, 2007. "Macroeconomic imbalances and exchange rate regime shifts," Working Paper Series 2007:4, Uppsala University, Department of Economics.
- Yuk-shing CHENG & Chi-shing CHAN & Chor-yiu SIN, 2004. "Currency attack/defense with two-sided private information," Econometric Society 2004 Far Eastern Meetings 395, Econometric Society.
- Loisel, Olivier & Martin, Philippe, 2001.
"Coordination, cooperation, contagion and currency crises,"
Journal of International Economics, Elsevier, vol. 53(2), pages 399-419, April.
- Loisel, Olivier & Martin, Philippe, 1999. "Coordination, Cooperation, Contagion and Currency Crises," CEPR Discussion Papers 2075, C.E.P.R. Discussion Papers.
- Olivier Loisel & Philippe Martin, 2001. "Coordination, cooperation, contagion and currency crises," Post-Print hal-03609263, HAL.
- Rajan, Ramkishen S. & Sugema, Iman, 2000. "Government bailouts and monetary disequilibrium: common fundamentals in the Mexican and East Asian currency crises," The North American Journal of Economics and Finance, Elsevier, vol. 11(2), pages 123-135, December.
- Flood, Robert P. & Jeanne, Olivier, 2005.
"An interest rate defense of a fixed exchange rate?,"
Journal of International Economics, Elsevier, vol. 66(2), pages 471-484, July.
- Mr. Olivier D Jeanne & Mr. Robert P Flood, 2000. "An Interest Rate Defense of a Fixed Exchange Rate?," IMF Working Papers 2000/159, International Monetary Fund.
- Flood, Robert P & Jeanne, Olivier, 2000. "An Interest Rate Defence of a Fixed Exchange Rate?," CEPR Discussion Papers 2507, C.E.P.R. Discussion Papers.
- Bernard Bensaïd & Olivier Jeanne, 1996. "Fragilité des systèmes de change fixe et contrôle des capitaux," Économie et Prévision, Programme National Persée, vol. 123(2), pages 163-174.
- Sachs, Jeffrey & Tornell, Aaron & Velasco, Andres, 1996.
"The Mexican peso crisis: Sudden death or death foretold?,"
Journal of International Economics, Elsevier, vol. 41(3-4), pages 265-283, November.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "The Mexican Peso Crisis: Sudden Death or Death Foretold?," Harvard Institute of Economic Research Working Papers 1760, Harvard - Institute of Economic Research.
- Sachs, J. & Tornell, A. & Velasco, A., 1996. "The Mexican Peso Crisis: Sudden Death or Death Foretold?," Working Papers 96-20, C.V. Starr Center for Applied Economics, New York University.
- Jeffrey Sachs & Aaron Tornell & Andres Velasco, 1996. "The Mexican Peso Crisis: Sudden Death or Death Foretold?," NBER Working Papers 5563, National Bureau of Economic Research, Inc.
More about this item
Keywords
euro area crisis; economic fundamentals; self-fulfilling expectations; public debt; speculative attacks;All these keywords.
JEL classification:
- E65 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - Studies of Particular Policy Episodes
- F34 - International Economics - - International Finance - - - International Lending and Debt Problems
- F36 - International Economics - - International Finance - - - Financial Aspects of Economic Integration
Statistics
Access and download statisticsCorrections
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:bpj:glecon:v:16:y:2016:i:3:p:459-478:n:4. 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: Peter Golla (email available below). General contact details of provider: https://www.degruyter.com .
Please note that corrections may take a couple of weeks to filter through the various RePEc services.