English, Article edition: Currency crisis duration and interest defence Tullio Gregori

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Bookmark: http://trove.nla.gov.au/version/139161
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  • article
Language
  • English

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Title
  • Currency crisis duration and interest defence
Author
  • Tullio Gregori
Physical Description
  • article
Notes
  • Asymmetric wars of attrition between speculators and a Central Bank can provide a useful framework to address currency crisis length and explain why a speculative attack can fail after some time. Interest rate defence can be analysed too. A non-linear relationship between interest rates and peg defence emerges, as a rate upsurge can reduce both concession times. With some welfare loss functions, increasing the domestic rate too much is a self-defeating policy as the Central Bank will opt out before speculators concede, but the reverse holds for lower rates. Copyright © 2008 John Wiley &​ Sons, Ltd.
  • RePEc:ijf:ijfiec:v:14:y:2009:i:3:p:256-267
Language
  • English
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