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Partial Delegation in a Model of Currency Crisis


  • Virginie Boinet



Stressing the inßuence of expected devaluation on currency crises, this paper shows that, in a fixed exchange-rate system with an escape clause, partial delegation of exchange-rate policy to an inßation-averse central banker reduces the probability of crisis.

Suggested Citation

  • Virginie Boinet, 2002. "Partial Delegation in a Model of Currency Crisis," Economics and Finance Discussion Papers 02-07, Economics and Finance Section, School of Social Sciences, Brunel University.
  • Handle: RePEc:bru:bruedp:02-07

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    1. Kaminsky, Graciela L. & Schmukler, Sergio L., 1999. "What triggers market jitters?: A chronicle of the Asian crisis," Journal of International Money and Finance, Elsevier, vol. 18(4), pages 537-560, August.
    2. Ravn, Morten O. & Sola, Martin, 1995. "Stylized facts and regime changes: Are prices procyclical?," Journal of Monetary Economics, Elsevier, vol. 36(3), pages 497-526, December.
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