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Speculation and monetary policy behaviour in the 1992 currency crisis: the Italian case

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Author Info
Rosaria Rita Canale
Alberto Montagnoli
Oreste Napolitano

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Abstract

The paper proposes an explanation for the 1992 currency crisis as the result of monetary policy behaviour and private agents' speculation. Our analysis reveals how speculators' expectations and the behaviour of the monetary policy authority were formed on the widespread beliefs about the future value of income. We show that the real effects of monetary policy measures represent the link between the action of the central bank and speculation.

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File URL: http://www.informaworld.com/openurl?genre=article&doi=10.1080/10168730802288125&magic=repec&7C&7C8674ECAB8BB840C6AD35DC6213A474B5
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Publisher Info
Article provided by Korean International Economic Association in its journal International Economic Journal.

Volume (Year): 22 (2008)
Issue (Month): 3 ()
Pages: 285-297
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Handle: RePEc:taf:intecj:v:22:y:2008:i:3:p:285-297

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Related research
Keywords: exchange rate; financial crisis; expected income; Kalman filter;

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This page was last updated on 2009-11-14.

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