haku: @author Bartolini, L. / yhteensä: 6
viite: 4 / 6
| Tekijä: | Bartolini, L. Prati, A. |
| Otsikko: | Soft exchange rate bands and speculative attacks: theory and evidence from the ERM since August 1993 |
| Lehti: | Journal of International Economics
1999 : OCT, VOL. 49:1, p. 1-29 |
| Asiasana: | ECONOMICS EXCHANGE RATES SPECULATION |
| Kieli: | eng |
| Tiivistelmä: | The authors present a model of a "soft" exchange rate target zone and interpret it as a stylized description of the post-August 1993 ERM. The 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. |
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