| Titre | Fragilité des systèmes de change fixe et contrôle des capitaux | |
|---|---|---|
| Auteur | Olivier Jeanne, Bernard Bensaïd | |
 |
Revue | Economie et prévision |
| Numéro | no 123-124, 1996/2-3 Économie des taux de change | |
| Rubrique / Thématique | SME et crises de change |
|
| Page | 163-174 | |
| Résumé anglais |
The Vulnerability of Fixed Exchange Rate Systems and Capital Control by Bernard Bensaïd and Olivier Jeanne
In this paper, we study the dynamics of currency crises under the following two hypotheses. First, it is costly for the to raise the nominal interest rate above a certain level in order to defend the currency. Second, the interest rate level that government is willing to bear before it decides opt out is not perfectly known by the foreign exchange market players. We that, given these conditions, the fixed exchange rate system is vulnerable to self-fulfilling currency crises unconnected with fundamentals and that such crises could force the government to opt out of the fixed exchange rate system. We then specify conditions under which capital controls might deter this type of currency crisis. Source : Éditeur (via Persée) |
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| Article en ligne | http://www.persee.fr/web/revues/home/prescript/article/ecop_0249-4744_1996_num_123_2_5796 |
