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Economic models of speculative attacks and the drachma crisis of May 1994

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Author Info

  • Robert Flood
  • Charles Kramer

Abstract

Speculative attacks on fixed or ‘fixed but adjustable’ exchange rate regimes seem to have become a standard feature of the landscape of foreign exchange markets. The supposed excesses of seemingly untethered financial markets have been documented for some time, but only recently have the concerted attacks by speculators on exchange-rate regimes begun to occupy the popular imagination.Economic models of this phenomenon, however, have been around for some time, and are useful in characterizing the real-world speculative attacks that have occurred in the last 10–15 years in a number of countries. In this paper, we provide a brief overview of one such model. We also sketch some implications of that model for the speculative attack on the Greek drachma in May 1994. Copyright Kluwer Academic Publishers 1996

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File URL: http://hdl.handle.net/10.1007/BF01886215
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Bibliographic Info

Article provided by Springer in its journal Open Economies Review.

Volume (Year): 7 (1996)
Issue (Month): 1 (March)
Pages: 591-600

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Handle: RePEc:kap:openec:v:7:y:1996:i:1:p:591-600

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Web page: http://www.springerlink.com/link.asp?id=100323

Related research

Keywords: speculative attacks; exchange rates;

References

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  1. Robert P. Flood & Jagdeep S. Bhandari & Pierre-Richard Agénor, 1991. "Speculative Attacks and Models of Balance of Payments Crises," IMF Working Papers 91/99, International Monetary Fund.
  2. Pablo Emilio Guidotti & Guillermo Calvo, 1991. "Speculative Attacks," IMF Working Papers 91/10, International Monetary Fund.
  3. Flood, Robert P. & Garber, Peter M., 1984. "Collapsing exchange-rate regimes : Some linear examples," Journal of International Economics, Elsevier, vol. 17(1-2), pages 1-13, August.
  4. Blanco, Herminio & Garber, Peter M, 1986. "Recurrent Devaluation and Speculative Attacks on the Mexican Peso," Journal of Political Economy, University of Chicago Press, vol. 94(1), pages 148-66, February.
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Cited by:
  1. Sarno, Lucio & Taylor, Mark P, 2001. "Official Intervention in the Foreign Exchange Market: Is It Effective, and, If So, How Does It Work?," CEPR Discussion Papers 2690, C.E.P.R. Discussion Papers.

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