Teorie krize platební bilance a česká zkušenost

The theory of balance of payments crisis and the czech experience

Jan Čermák

Politická ekonomie, 2002, vol. 2002, issue 3

Abstract: This paper presents an analysis of the speculative attack on the pegged exchange rate of the CZK in the context of the classical theory of balance of payments crises. While provides a survey of the theoretical trends in the economic literature, the paper introduces a detail description of the first-generation model of the currency crises theory developed by Krugman, Flood and Garber. In the empirical section, using the index of exchange market pressure, the author identifies the Czech currency crisis as a relatively mild. The article then discusses behaviour of a variety macroeconomic and structural indicators before and after the speculative attack on the CZK in May of 1997. The author finds that the development of the economic fundamentals (the domestic credit, the net foreign assets, the real exchange rate or the current account balance) was consistent with conclusions of the first-generation models of the currency crisis theory.

Keywords: speculative attack; currency crisis; balance of payments crisis; CZK (search for similar items in EconPapers)
Date: 2002
References: Add references at CitEc
Citations:

Downloads: (external link)
http://polek.vse.cz/doi/10.18267/j.polek.366.html (text/html)
free of charge

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:prg:jnlpol:v:2002:y:2002:i:3:id:366

Ordering information: This journal article can be ordered from
Redakce Politické ekonomie, Vysoká škola ekonomická, nám. W. Churchilla 4, 130 67 Praha 3
http://polek.vse.cz

DOI: 10.18267/j.polek.366

Access Statistics for this article

Politická ekonomie is currently edited by Jiřina Bulisová

More articles in Politická ekonomie from Prague University of Economics and Business Contact information at EDIRC.
Bibliographic data for series maintained by Stanislav Vojir ().