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A nemzetközi pénzügyi válságok tovaterjedése különböző árfolyamrendszerekben
[The spread of international financial crises under various exchange-rate systems]

Author

Listed:
  • Darvas, Zsolt
  • Szapáry, György

Abstract

A tanulmány azt vizsgálja, hogyan hatottak az 19971999-ben kirobbant nemzetközi pénzügyi válságok öt kis, nyitott gazdaság (Csehország, Görögország, Izrael, Lengyelország és Magyarország) pénzügyi piacaira. Áttekinti a devizaárfolyamok, a kamatlábak és a részvényárfolyamok alakulásából levonható következtetéseket, valamint Magyarország esetében a tőkeáramlás szerkezetét. A tanulmány zárófejezete az árfolyamrendszer választásának kérdésével és a tőkeáramlás korlátozásának szerepével foglalkozik.

Suggested Citation

  • Darvas, Zsolt & Szapáry, György, 1999. "A nemzetközi pénzügyi válságok tovaterjedése különböző árfolyamrendszerekben
    [The spread of international financial crises under various exchange-rate systems]
    ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 945-968.
  • Handle: RePEc:ksa:szemle:283
    as

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    References listed on IDEAS

    as
    1. Williamson, John, 1998. "Crawling Bands or Monitoring Bands: How to Manage Exchange Rates in a World of Capital Mobility," International Finance, Wiley Blackwell, vol. 1(1), pages 59-79, October.
    2. Mishkin, Frederic S, 1998. "The Dangers of Exchange-Rate Pegging in Emerging-Market Countries," International Finance, Wiley Blackwell, vol. 1(1), pages 81-101, October.
    3. Richard Baldwin & Paul Krugman, 1989. "Persistent Trade Effects of Large Exchange Rate Shocks," The Quarterly Journal of Economics, Oxford University Press, vol. 104(4), pages 635-654.
    4. Gourinchas, Pierre-Olivier, 1999. "Exchange rates do matter: French job reallocation and exchange rate turbulence, 1984-1992," European Economic Review, Elsevier, vol. 43(7), pages 1279-1316, June.
    5. Maurice Obstfeld & Kenneth Rogoff, 1995. "The Mirage of Fixed Exchange Rates," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 73-96, Fall.
    6. Darvas, Zsolt, 1996. "Kamatkülönbség és árfolyam-várakozások az előre bejelentett kúszó árfolyamrendszerben
      [Interest differential and exchange rate expectations in the preannounced crawling band system of Hungary]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(10), pages 920-947.
    7. Ronald I. McKinnon, 1996. "The Rules of the Game: International Money and Exchange Rates," MIT Press Books, The MIT Press, edition 1, volume 1, number 0262133180, January.
    8. Campa, Joe Manuel, 1993. "Entry by Foreign Firms in the United States under Exchange Rate Uncertainty," The Review of Economics and Statistics, MIT Press, vol. 75(4), pages 614-622, November.
    Full references (including those not matched with items on IDEAS)

    Citations

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    Cited by:

    1. Csaba, László, 2000. "A kis országok világgazdasági alkalmazkodása
      [The adaptation of small countries to the world economy]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(9), pages 662-679.
    2. Schepp, Zoltán, 2003. "Befektetői horizont és a „forwardrejtély”
      [The investor horizon and the ‘forward puzzle’]
      ," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(11), pages 939-963.

    More about this item

    JEL classification:

    • E44 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Financial Markets and the Macroeconomy
    • F31 - International Economics - - International Finance - - - Foreign Exchange
    • F41 - International Economics - - Macroeconomic Aspects of International Trade and Finance - - - Open Economy Macroeconomics
    • F32 - International Economics - - International Finance - - - Current Account Adjustment; Short-term Capital Movements

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