Speculative Attacks and Models of Balance-of-Payments Crises

Pierre-Richard Agénor, Jagdeep S. Bhandari and Robert Flood ()

No 3919, NBER Working Papers from National Bureau of Economic Research, Inc

Abstract: This paper reviews recent developments in the theoretical and empirical analysis of balance-of-payments crises. 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, such as: alternative post-collapse 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.

Date: 1991-11
Note: ITI IFM
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Published as Pierre-Richard Agenor & Jagdeep S. Bhandari & Robert P. Flood, 1992. "Speculative Attacks and Models of Balance of Payments Crises," Staff Papers - International Monetary Fund, vol 39(2).

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Journal Article: Speculative Attacks and Models of Balance of Payments Crises (1992)
Working Paper: Speculative Attacks and Models of Balance of Payments Crises (1991)
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