NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Speculative Attacks and Models of Balance-of-Payments Crises

Pierre-Richard Agenor, Jagdeep S. Bhandari, Robert P. Flood

NBER Working Paper No. 3919
Issued in November 1991
NBER Program(s):   ITI   IFM

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.

download in pdf format
   (2170 K)

email paper

This paper is available as PDF (2170 K) or via email.

Machine-readable bibliographic record - MARC, RIS, BibTeX

Document Object Identifier (DOI): 10.3386/w3919

Published: IMF, Vol. 39, no. 2 (1992): 357-394.

Users who downloaded this paper also downloaded these:
Obstfeld w1486 Rational and Self-Fulfilling Balance-of-Payments Crises
Obstfeld w1103 Balance-of-Payments Crises and Devaluation
Flood and Marion w6380 Perspectives on the Recent Currency Crisis Literature
Calvo Balance-of-Payments Crises in Emerging Markets: Large Capital Inflows and Sovereign Governments
Eichengreen, Rose, and Wyplosz w4898 Speculative Attacks on Pegged Exchange Rates: An Empirical Exploration with Special Reference to the European Monetary System
 
Publications
Activities
Meetings
NBER Videos
Data
People
About

Support
National Bureau of Economic Research, 1050 Massachusetts Ave., Cambridge, MA 02138; 617-868-3900; email: info@nber.org

Contact Us