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| Author: | Flood, R. Garber, P. Kramer, C. |
| Title: | Collapsing exchange rate regimes: another linear example |
| Journal: | Journal of International Economics
1996 : NOV, VOL. 41:3/4, p. 223-234 |
| Index terms: | ECONOMICS INTERNATIONAL EXCHANGE RATES |
| Language: | eng |
| Abstract: | In the literature on speculative attacks on a fixed exchange rate it is usually assumed that the monetary authority responsible for fixing the rate reacts passively to the monetary disruption caused by the attack. This assumption is grossly at odds with actual experience where the monetary base implications of the attacks are usually sterilized. Such sterilization means that the attack is no longer exclusively a monetary event and requires that the standard attack model be broadened to include the effects of sterilization on other markets. |
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