European currency crises and after

著者

書誌事項

European currency crises and after

Christian Bordes, Eric Girardin, Jacques Mélitz, editors

Manchester University Press, 1995

  • : hbk
  • : pbk

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注記

Outcome of a conference organized by the Laboratoire d'analyse et de recherche economique (LARE) and held in July 1994 at University Bordeaux I

Includes bibliographical references and index

内容説明・目次

内容説明

The speculative crises of 1992-93, which shook the EMS during Europe's worst postwar recession, left in their wake a series of questions about the monetary future of Europe, exchange rate behaviour and exchange rate policy. This book explores these questions from the varying standpoints of economic theory, history and empirical study. The book looks at recent theoretical models of exchange rate target zones, exchange rate crises and central bank credibility. It also examines the empirical evidence on misalignment, the efficiency of central bank interventions by the G3, measures of exchange rate risk under wide official bands, the exchange rate crises in 1992-93 and central bank behvaiour in the EMS. The whole range of international monetary experience since the breakdown of Bretton Woods in 1971 receives attention.

目次

  • Monetary policies in the EMS - lessons from the great recession of 1991-1993, Paul De Grauwe and J. Melitz
  • optimal target zones - how an exchange rate mechanism can improve upon "discretion", Marcus Miller et al
  • currency crisis models - bridging the gap between old and new approaches, Alan Sutherland et al
  • exchange rate risk under a Peso problem - the case of the Peseta in the ERM, Fernando Restoy et al
  • modelling credibility - an application to the United Kingdom, Paul Masson and B. Coeure
  • the 1992-93 EMS crisis - assessing the macroeconomic costs, Lorenzo Bini-Smaghi et al
  • DEER hunting - misalignment, debt accumulation and desired equilibrium exchange rates, Michael Artis et al
  • exchange rates and the effectiveness of central bank intervention - new evidence for the G3 and the EMS, Axel Weber and Christian Bordes
  • on the evolution of credibility and flexible target zones, Mark Salmon et al
  • stability of exchange rates and European construction, Andre Icard.

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