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Exchange Market Pressures and Speculative Capital Flows in Selected European Countries

Exchange Market Pressures and Speculative Capital Flows in Selected European Countries »

Volume/Issue: 1994/21

Series: IMF Working Papers

Author(s): Ceyla Pazarbasioglu , and Inci Ötker

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 1994

DOI: http://dx.doi.org/10.5089/9781451921571.001

ISBN: 9781451921571

Keywords: exchange rate, probability, foreign exchange, equation, fixed exchange rate

This paper estimates a speculative attack model of currency crises in an attempt to identify the roles of macroeconomic fundamentals and speculative market pressures in the recent crisis, as well as earlier devalua...