The Macroeconomic Theory of Exchange Rate Crises

Hardcover | May 26, 2012

byGiovanni Piersanti

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This book deals with the genesis and dynamics of exchange rate crises in fixed or managed exchange rate systems. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs. It aims to provide a survey of both the theoretical literatureon international financial crises and a systematic treatment of the analytical models. It analyzes a series of macroeconomic models and demonstrates their properties and conclusions, including comparative statics and dynamic behaviour. The models cover the range of phenomena exhibited in moderncrises experienced in countries with fixed or managed exchange rate systems. Among the topics covered, beyond currency sustainability, are bank runs, the interaction between bank solvency and currency stability, capital flows and borrowing constraints, uncertainty about government policies, asymmetric information and herding behaviour, contagion across markets andcountries, financial markets and asset price bubbles, strategic interaction among agents and equilibrium selection, the dynamics of speculative attacks and of financial crashes in international capital markets. The book is intended for econometricians, academics, policymakers and specialists in thefield, and postgraduate students in economics.

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This book deals with the genesis and dynamics of exchange rate crises in fixed or managed exchange rate systems. It provides a comprehensive treatment of the existing theories of exchange rate crises and of financial market runs. It aims to provide a survey of both the theoretical literatureon international financial crises and a syste...

Prior to joining the University of Teramo Giovanni Piersanti was Associate Professor of Economics at the University of Chieti. His research interests include economic theory and stabilization policy; monetary economics; growth theory; macroeconomic models of intertemporal optimization; macroeconometric models with rational expectation...
Format:HardcoverDimensions:416 pagesPublished:May 26, 2012Publisher:Oxford University PressLanguage:English

The following ISBNs are associated with this title:

ISBN - 10:0199653127

ISBN - 13:9780199653126

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Table of Contents

PrefaceIntroductionPart I: The Monetary Model under Flexible Exchange Rates1. The Basic Monetary Model of the Exchange RatePart II: Fixed Exchange-Rate Regimes and Currency Crises2. Crises and Policy Imbalances3. Crises and Self-Fulfilling Expectations4. Dynamics of Crises5. EpilogueMathematical AppendixIntroductionA.1 Basic Properties of Ordinary Differential EquationsA.2 Basic Properties of Ordinary Difference EquationsA.3 Nonlinear Dynamics, Bifurcation and ChaosA.4 Dynamic OptimizationA.5 Stochastic Equations