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.

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Document Object Identifier (DOI): 10.3386/w3919

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

 
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