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Theoretical Aspects of Currency Crises

Author

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  • Rafal Antczak

Abstract

The paper presents three generations of theoretical models of currency crises. The models were drawing on the real crises. The first-generation models were developed after balance-of-payment crises in Mexico (1973.82), Argentina (1978.81), and Chile (1983). The second-generation models arose after speculative attacks in Europe and Mexico in 1990s. Finally, first attempts to built the third-generation models started after the Asian crisis in 1997.98. The paper also explains the mechanism of currency crisis, provides an overview of the crises literature, and defines the types of crises. This work is intended to summarize the current level of knowledge on the theoretical aspects of currency crises.

Suggested Citation

  • Rafal Antczak, 2000. "Theoretical Aspects of Currency Crises," CASE Network Studies and Analyses 0211, CASE-Center for Social and Economic Research.
  • Handle: RePEc:sec:cnstan:0211
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    File URL: http://www.case-research.eu/upload/publikacja_plik/SA211.pdf
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    References listed on IDEAS

    as
    1. Eichengreen, Barry & Rose, Andrew K & Wyplosz, Charles, 1996. "Contagious Currency Crises," CEPR Discussion Papers 1453, C.E.P.R. Discussion Papers.
    2. Pablo Emilio Guidotti & Guillermo Calvo, 1991. "Speculative Attacks," IMF Working Papers 91/10, International Monetary Fund.
    3. Calomiris, Charles W & Hubbard, R Glenn, 1990. "Firm Heterogeneity, Internal Finance, and 'Credit Rationing.'," Economic Journal, Royal Economic Society, vol. 100(399), pages 90-104, March.
    4. Douglas W. Diamond & Philip H. Dybvig, 2000. "Bank runs, deposit insurance, and liquidity," Quarterly Review, Federal Reserve Bank of Minneapolis, issue Win, pages 14-23.
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    Cited by:

    1. repec:eee:rujoec:v:2:y:2016:i:3:p:302-326 is not listed on IDEAS
    2. Malgorzata Jakubiak, 2000. "Indicators of Currency Crisis: Empirical Analysis of some Emerging and Transition Economies," CASE Network Studies and Analyses 0218, CASE-Center for Social and Economic Research.
    3. Ari, Ali, 2012. "Early warning systems for currency crises: The Turkish case," Economic Systems, Elsevier, vol. 36(3), pages 391-410.
    4. Marcin Sasin, 2002. "Predicting Currency Crises, the Ultimate Significance of Macroeconomic Fundamentals in Linear Specifications with Nonlinear Extensions," CASE Network Studies and Analyses 0224, CASE-Center for Social and Economic Research.

    More about this item

    Keywords

    currency crises;

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