Speculative Attacks and Models of Balance of Payments Crises

Pierre-Richard Agénor, Jagdeep S. Bhandari and Robert P. Flood
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Pierre-Richard Agénor: International Monetary Fund
Jagdeep S. Bhandari: International Monetary Fund
Robert P. Flood: International Monetary Fund
Authors registered in the RePEc Author Service: Pierre-Richard Agénor

IMF Staff Papers, 1992, vol. 39, issue 2, 357-394

Abstract: Recent developments in the theoretical and empirical analysis of balance of payments crises are reviewed. A simple analytical model highlighting the process leading to such crises is first developed. The basic framework is then extended to deal with a variety of issues, including alternative postcollapse regimes, uncertainty, real sector effects, external borrowing and capital controls, imperfect asset substitutability, sticky prices, and endogenous policy switches. Empirical evidence on the collapse of exchange rate regimes is also examined, and the major implications of the analysis for macroeconomic policy are discussed.

JEL-codes: E42 F31 F41 (search for similar items in EconPapers)
Date: 1992
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Citations: View citations in EconPapers (101)

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Related works:
Working Paper: Speculative Attacks and Models of Balance of Payments Crises (1991)
Working Paper: Speculative Attacks and Models of Balance-of-Payments Crises (1991)
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