Have a personal or library account? Click to login
Output Losses from Currency Crises and the Role of Central Bank Cover

Output Losses from Currency Crises and the Role of Central Bank

Open Access
|Sep 2021

References

  1. 1. Bauer, C., Herz, B. 2010, The Dynamics of Financial Crises and the Risk to defend the exchange rate, In Conference Draft November 2009, Annual conference of the Verein für Socialpolitik 2010, Kiel.
  2. 2. Berthold, K. and Stadtmann, G. 2018, Who put the Holes in the Swiss Cheese? Currency Crisis Under Appreciation Pressure. Journal of Central Banking Theory and Practice, 7(1), 43-57.
  3. 3. Bordo, M., Eichengreen, B. Klingebiel, D., Martinez-Peria, M. and Rose, A. 2001, Is the Crisis Problem Growing More Severe? Economic Policy, 16(32), 53–82.
  4. 4. Burnside, C., Eichenbaum, M., Rebelo, S. 2004, Government Guarantees and Self-fulfilling Speculative Attacks, Journal of Economic Theory, 119(1), 31-63.
  5. 5. Bussière, M., Fratzscher, M. 2006, Towards a New Early Warning System of Financial Crises, Journal of International Money and Finance, 25 (6), 953-973.
  6. 6. Bussière, M., Saxena, S.C., Tovar, C.E. 2010, Chronicle of Currency Collapses: Re-examining the Effects on Output. BIS Working Papers 314. Bank for International Settlements.10.2139/ssrn.1633405
  7. 7. Calvo, G.A., Reinhart, C.M. 2000, When capital inflows suddenly stop: consequences and policy options. In: Kenen, P.B., Swoboda, A.K. (Eds.), Key Issues in Reform of the International Monetary and Financial System. International Monetary Fund, Washington, D. C., 175-201.
  8. 8. Cerra, V., Saxena, S.C. 2008, Growth dynamics: the myth of economic recovery, American Economic Review, 98 (1), 439e457.
  9. 9. Chang, R. and Velasco, A. 2001, A Model of Currency Crises in Emerging Markets, Quarterly Journal of Economics, 116(2), 489-517.
  10. 10. Corsetti, G., Pesenti, P., Roubini, N., Tille, C., 2000, Competitive Devaluations: Toward a Welfare-Based Approach, Journal of International Economics, 51(1), 217-241.10.1016/S0022-1996(99)00043-4
  11. 11. Daniëls, T.R., Jager, H., Klaassen, F., 2011, Currency Crises with the Threat of an Interest Rate Defence, Journal of International Economics, 85(1), 14-24.10.1016/j.jinteco.2011.05.008
  12. 12. Dooley, M.P. and Walsh, C. 2000, Capital Control and Crises: Theory and Experience, Presented at AEA Meetings, January 8.
  13. 13. Dornbusch, R. 1976, Expectations and Exchange Rate Dynamics, Journal of Political Economy, 84(6), 1161-76.
  14. 14. Eichengreen, B., Rose, A.K. 2003, Does it pay to defend against a speculative attack?. In: Managing Currency Crises in Emerging Markets. National Bureau of Economic Research, 61-86. NBER Chapters.10.7208/chicago/9780226155425.003.0005
  15. 15. Eichengreen, B., Rose, A.K., Wyplosz, C., 1996, Contagious Currency Crises, NBER Working Paper 5681. National Bureau of Economic Research.10.3386/w5681
  16. 16. Eichengreen, B., Rose, A.K., Wyplosz, C., Dumas, B., Weber, A. 1995, Exchange market mayhem: the antecedents and aftermath of speculative attacks, Economic Policy, 10 (21), 249-312.
  17. 17. Erler, A., Bauer, C. and Herz, B. 2015, To Intervene, or not to Intervene: Monetary Policy and the Costs of Currency Crises, Journal of International Money and Finance, 51, 432-456.
  18. 18. Ezzahid, E. and Maouhoub, B. 2020, Capital Account Liberalization in Morocco: Is it Compatible with Fixed or Flexible Exchange Rate Regime? Journal of Central Banking Theory and Practice, 9(1), 185-218.
  19. 19. Flood, R.P., and Garber, P.M. 1984, Collapsing Exchange Rate Regimes: Some Linear Examples, Journal of International Economics, 17, 1-13.
  20. 20. Frankel, J.A., Rose, A.K. 1996, Currency crashes in emerging markets: an empirical treatment, Journal of International Economics, 41 (3-4), 351-366.
  21. 21. Gerdesmeier, D., Reimers, H.-E., Roffia, B. 2009, Asset Price Misalignments and the Role of Money and Credit, Working Paper 1068. European Central Bank.10.2139/ssrn.1429265
  22. 22. Gupta, P., Mishra, D. and Sahay, R. 2008, Output Response to Currency Crises, IMF Working Paper.
  23. 23. Gupta, P., Mishra, D., Sahay, R. 2007, Behavior of Output during Currency Crises, Journal of International Economics, 72, 428-450.
  24. 24. Heinemann, F. 2000, Unique equilibrium in a model of self-fulfilling currency attacks: comment, American Economic Reviews, 90 (1), 316-318.
  25. 25. Ilzetzki, E.O., Reinhart, C.M., Rogoff, K.S. 2008, Exchange Rate Arrangements Entering the 21st Century: Which Anchor Will Hold. Data available at http://www.carmenreinhart.com/research/publications-by-topic/exchange-rates-anddollarization(Mimeo).
  26. 26. IMF, 2016, Global Financial Stability Report, November 2016 update, International Monetary Fund.10.5089/9781475558456.002
  27. 27. Jeanne, O. (2000), Currency Crises: a Perspective on Recent Theoretical Developments, Special Paper International Economics 20, Princeton University
  28. 28. Kapp, D. and Vega, M. 2014, Real Output Costs of Financial Crises: A Loss Distribution Approach, Cuadernos de Economía, 37, 13-28.
  29. 29. Klaassen, F., Jager, H. 2011, Definition-consistent measurement of exchange market pressure, Journal of International Money and Finance, 30 (1), 74-95.
  30. 30. Krugman, P. 1979, A Model of Balance-of-Payments Crisis, Journal of Money, Credit, and Banking, 11(3), 311.325.
  31. 31. Krugman, P. 1999, Balance Sheets, The Transfer Problem and Financial Crises, in International Finance and Financial Crises: Essay in Honor of Robert P. Flood Jr., ed. P. Isard, A. Razin and A.K. Rose, pp: 31-44, Boston: Kluwer.10.1007/978-94-011-4004-1_2
  32. 32. Kuncoro, H. 2020, Interest Rate Policy and Exchange Rates Volatility Lessons from Indonesia. Journal of Central Banking Theory and Practice, 9(2), 19-42. 10.2478/jcbtp-2020-0012
  33. 33. Melvin, M., Taylor, M.P. 2009, The Crisis in the Foreign Exchange Market, Journal of International Money and Finance, 28 (8), 1317-1330.
  34. 34. Milesi-Ferretti, G.M., Razin, A. 1998, Current Account Reversals and Currency Crises: Empirical Regularities, NBER Working Paper 6620, National Bureau of Economic Research.10.3386/w6620
  35. 35. Morris, S., Shin, H.S. 1998, Unique Equilibrium in a Model of Self-fulfilling Currency Attacks, American Economic Reviews, 88 (3), 587-597.
  36. 36. Obstfeld, M. 1994, The Logic of Currency Crises, Cahiers e´conomiques et mone´taires, 43, 189–214.
  37. 37. Reinhart, C., Rogoff, K. 2009, This Time Is Different: Eight Centuries of Financial Folly, Princeton University Press, Princeton, New Jersey.10.1515/9781400831722
  38. 38. Yazdani, M. 2013, Analyzing Sudden Stops of Capital Inflows and Financial Crises: Evidence from Emerging Markets, Ph.D. Dissertation, University of Isfahan.
  39. 39. Yazdani, M., and Tayebi, S.K. 2013, How do Sudden Stops of Capital Flows Affect Currency Crises in Asia, Journal of Money and Economy, 8 (3), 1-20.
  40. 40. Yazdani, M., Dargahi H. and Nikzad, M. 2017, Evaluating the Output Losses from Currency Crises and the Role of Central Bank in Emerging Economies, Journal of Economics and Modelling, 8(29), 41-65.
Language: English
Page range: 79 - 97
Submitted on: Apr 28, 2020
Accepted on: Jan 6, 2021
Published on: Sep 6, 2021
Published by: Central Bank of Montenegro
In partnership with: Paradigm Publishing Services
Publication frequency: 3 issues per year

© 2021 Mahdi Yazdani, Mohammad Nikzad, published by Central Bank of Montenegro
This work is licensed under the Creative Commons Attribution 4.0 License.