Soft exchange rate bands and speculative attacks
theory, and evidence from the ERM
by Leonardo Bartolini
"We present a model of a "soft" exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. Our central bank targets a moving average of the current and past exchange rates rather than the exchange rate's current level, thus allowing the rate to move within wide margins in the short run but within narrow margins in the long run. For realistic parameters, soft target zones are significantly less vulnerable to speculative attacks than "hard" target zones. These predictions are consistent with the ERM's experience and the abatement of speculative pressure in European markets since the bands' widening in 1993"--Federal Reserve Bank of New York web site.
Buy this book
| Edition | Availability |
|---|---|
1
Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the Erm since August 1993
1998, International Monetary Fund
in English
1451857373 9781451857375
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2
Soft exchange rate bands and speculative attacks: theory, and evidence from the ERM since August 1993
1998, Federal Reserve Bank of New York
in English
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3
Soft exchange rate bands and speculative attacks: theory and evidence from the ERM since August 1993
1998, International Monetary Fund, Research Department
in English
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4
Soft Exchange Rate Bands and Speculative Attacks: Theory, and Evidence from the ERM since August 1993
1998, International Monetary Fund
in English
1451902522 9781451902525
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5
Soft exchange rate bands and speculative attacks: theory, and evidence from the ERM
1998, Federal Reserve Bank of New York
Electronic resource
in English
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Book Details
Edition Notes
Includes bibliographical references.
Title from PDF file as viewed on 2/2/2005.
Also available in print.
System requirements: Adobe Acrobat Reader.
Mode of access: World Wide Web.
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- Created April 1, 2008
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| July 31, 2012 | Edited by VacuumBot | Updated format '[electronic resource] :' to 'Electronic resource' |
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