Currency Crises and Economic Fundamentals in Finland

L. Kajanoja

University of Helsinki, Department of Economics from Department of Economics

Abstract: Recent currency crises in Filand are analyzed. First probit model estimations suggest that growth, unemployment, real exchange rate and contagion effects have affected the probability of a currenycy crisis. Second, empirical shadow floating exchange rates are formed using a revised version of Blanco-Garber method. This method offers structural explanations for the findings of the probit models. Also, it allows studying how the size of foreign reserves fas affected the probability of a crisis.

Keywords: CURRENCIES; SPECULATION (search for similar items in EconPapers)
JEL-codes: E41 E51 F33 (search for similar items in EconPapers)
Pages: 39 pages
Date: 1998
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Persistent link: https://EconPapers.repec.org/RePEc:fth:helsec:441

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