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Exchange Rate Market Tensions in a Small Open Economy During the Transition to EMU: can Asian countries learn from the Portuguese experience in 1992-1995?

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Author Info

  • Margarida Abreu

Abstract

This paper studies the various Portuguese escudo exchange rate crises during the period 1992-95. Were they the result of the market evaluation of the Portuguese economy fundamentals? Were they the outcome of the expected political changes? Or, to the contrary, can we suggest self-fulfilling crises? After a general introduction, the paper starts with an estimation of the exchange rate policy credibility a la Svensson and a brief description of the escudo exchange rate crises. The paper then presents different theoretical explanations for speculative attacks, paying special attention to the new formalizations of the behavior of market agents. We conclude with some non-native remarks concerning the Portuguese exchange rate crises, and some lessons that Asian countries can learn from the Portuguese experience.

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Bibliographic Info

Paper provided by ISEG - School of Economics and Management, Department of Economics, University of Lisbon in its series Working Papers Department of Economics with number 1999/07.

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Date of creation: 1999
Date of revision:
Handle: RePEc:ise:isegwp:wp71999

Contact details of provider:
Postal: Department of Economics, ISEG - School of Economics and Management, University of Lisbon, Rua do Quelhas 6, 1200-781 LISBON, PORTUGAL
Web page: https://aquila1.iseg.ulisboa.pt/aquila/departamentos/EC

Related research

Keywords: Exchange rate policy; exchange rate crisis; uncertainty; financial market agents' behavior.;

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Cited by:
  1. Margarida Abreu, 2003. "Contagion Phenomena in Financial Crises: Evidence from the Portuguese and Spanish Exchange Rate Crises in the Early Nineties," Working Papers Department of Economics 2003/05, ISEG - School of Economics and Management, Department of Economics, University of Lisbon.

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