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Interest Rate Defense against Speculative Attack as a Signal. A Primer

In: Managing Currency Crises in Emerging Markets

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  • Allan Drazen

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  • Allan Drazen, 2003. "Interest Rate Defense against Speculative Attack as a Signal. A Primer," NBER Chapters, in: Managing Currency Crises in Emerging Markets, pages 37-59, National Bureau of Economic Research, Inc.
  • Handle: RePEc:nbr:nberch:9646
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    1. Flood, Robert P. & Jeanne, Olivier, 2005. "An interest rate defense of a fixed exchange rate?," Journal of International Economics, Elsevier, vol. 66(2), pages 471-484, July.
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    Cited by:

    1. Sylvester C. W. Eijffinger & Benedikt Goderis, 2008. "The Effect of Monetary Policy on Exchange Rates during Currency Crises: the Role of Debt, Institutions, and Financial Openness," Review of International Economics, Wiley Blackwell, vol. 16(3), pages 559-575, August.
    2. Nakatani, Ryota, 2018. "Real and financial shocks, exchange rate regimes and the probability of a currency crisis," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 60-73.
    3. Flood, Robert P. & Jeanne, Olivier, 2005. "An interest rate defense of a fixed exchange rate?," Journal of International Economics, Elsevier, vol. 66(2), pages 471-484, July.
    4. Mr. Juan Sole, 2004. "Interest Rate Defenses of Currency Pegs," IMF Working Papers 2004/085, International Monetary Fund.
    5. Amartya Lahiri & Carlos A. Végh, 2007. "Output Costs, Currency Crises and Interest Rate Defence of a Peg," Economic Journal, Royal Economic Society, vol. 117(516), pages 216-239, January.
    6. Kraussl, Roman, 2005. "Do credit rating agencies add to the dynamics of emerging market crises?," Journal of Financial Stability, Elsevier, vol. 1(3), pages 355-385, April.
    7. Frankel, Jeffrey, 2010. "Monetary Policy in Emerging Markets," Handbook of Monetary Economics, in: Benjamin M. Friedman & Michael Woodford (ed.), Handbook of Monetary Economics, edition 1, volume 3, chapter 25, pages 1439-1520, Elsevier.
    8. Ramkishen S. Rajan, 2007. "Managing new-style currency crises: the swan diagram approach revisited," Journal of International Development, John Wiley & Sons, Ltd., vol. 19(5), pages 583-606.
    9. Jeffrey A. Frankel & Shang-Jin Wei, 2004. "Managing Macroeconomic Crises," NBER Working Papers 10907, National Bureau of Economic Research, Inc.
    10. Teimouri, Sheida & Zietz, Joachim, 2017. "Economic costs of alternative monetary policy responses to speculative currency attacks," Journal of International Money and Finance, Elsevier, vol. 73(PB), pages 419-434.
    11. Grier, Kevin & Lin, Shu, 2010. "Do high interest rates deter speculative attacks? - Evidence and some theory," Journal of International Money and Finance, Elsevier, vol. 29(5), pages 938-950, September.
    12. Tullio Gregori, 2009. "Currency crisis duration and interest defence," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 14(3), pages 256-267.
    13. Farshid Pourshahabi & Nazar Dahmardeh, 2014. "The Effects of Economic Sanctions and Speculative Attacks on Inflation," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 18(3), pages 45-67, Autumn.
    14. Alibey Kudar, 2021. "Interest rate as the last link of chain during crisis," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 3189-3203, April.
    15. Chong Huang, 2011. "Defending Against Speculative Attacks: Reputation, Learning, and Coordination," PIER Working Paper Archive 11-039, Penn Institute for Economic Research, Department of Economics, University of Pennsylvania.
    16. Esaka, Taro, 2014. "Are consistent pegs really more prone to currency crises?," Journal of International Money and Finance, Elsevier, vol. 44(C), pages 136-163.
    17. Drazen, Allan & Hubrich, Stefan, 2006. "A simple test of the effect of interest rate defense," Journal of the Japanese and International Economies, Elsevier, vol. 20(4), pages 612-636, December.

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