Recent currency crises in Filand are analyzed. First probit model estimations suggest that growth, unemployment, real exchange rate and contagion effects have affected the probability of a currenycy crisis. Second, empirical shadow floating exchange rates are formed using a revised version of Blanco-Garber method. This method offers structural explanations for the findings of the probit models. Also, it allows studying how the size of foreign reserves fas affected the probability of a crisis.
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Length: 39 pages Date of creation: 1998 Date of revision: Handle: RePEc:fth:helsec:441
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Find related papers by JEL classification: E41 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Demand for Money E51 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit - - - Money Supply; Credit; Money Multipliers F33 - International Economics - - International Finance - - - International Monetary Arrangements and Institutions