TY  - JOUR
AU  - Agenor,Pierre-Richard
AU  - Bhandari,Jagdeep S.
AU  - Flood,Robert P.
TI  - Speculative Attacks and Models of Balance-of-Payments Crises
JF  - National Bureau of Economic Research Working Paper Series
VL  - No. 3919
PY  - 1991
Y2  - November 1991
UR  - http://www.nber.org/papers/w3919
L1  - http://www.nber.org/papers/w3919.pdf
N1  - Author contact info:
Pierre-Richard Agenor
School of Social Sciences, University of Mancheste
Manchester M139PL, United Kingdom
E-Mail: Pierre-richard.Agenor@manchester.ac.uk

Jagdeep S. Bhandari
E-Mail: jbhandari@fcsl.edu

Robert Flood
Notre Dame
E-Mail: rflood1@nd.edu
AB  - 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.
ER  -