메뉴 건너뛰기




Volumn 74, Issue 1, 2008, Pages 158-169

Do high interest rates defend currencies during speculative attacks? New evidence

Author keywords

Currency crises; Monetary policy; Short term debt; Speculative attacks

Indexed keywords

CURRENCY MARKET; DEBT CRISIS; INTEREST RATE; MONETARY POLICY; THEORETICAL STUDY;

EID: 37349003766     PISSN: 00221996     EISSN: None     Source Type: Journal    
DOI: 10.1016/j.jinteco.2007.05.003     Document Type: Article
Times cited : (16)

References (25)
  • 1
    • 0000275905 scopus 로고
    • The estimation of a simultaneous equation generalized probit model
    • Amemiya T. The estimation of a simultaneous equation generalized probit model. Econometrica 46 (1978) 1193-1205
    • (1978) Econometrica , vol.46 , pp. 1193-1205
    • Amemiya, T.1
  • 2
    • 0012917303 scopus 로고    scopus 로고
    • The interest rate-exchange rate nexus in currency crises
    • Basurto G., and Ghosh A. The interest rate-exchange rate nexus in currency crises. IMF Staff Papers 47 (2001) 99-120
    • (2001) IMF Staff Papers , vol.47 , pp. 99-120
    • Basurto, G.1    Ghosh, A.2
  • 3
    • 0004010045 scopus 로고    scopus 로고
    • The instability of fixed exchange rate systems when raising the nominal interest rate is costly
    • Bensaid B., and Jeanne O. The instability of fixed exchange rate systems when raising the nominal interest rate is costly. European Economic Review 41 (1997) 1461-1478
    • (1997) European Economic Review , vol.41 , pp. 1461-1478
    • Bensaid, B.1    Jeanne, O.2
  • 4
    • 13444267955 scopus 로고    scopus 로고
    • Monetary policy and the exchange rate during the Asian crisis: identification through heteroscedasticity
    • Caporale G., Cipollini A., and Demetriades P. Monetary policy and the exchange rate during the Asian crisis: identification through heteroscedasticity. Journal of International Money and Finance 24 (2005) 39-53
    • (2005) Journal of International Money and Finance , vol.24 , pp. 39-53
    • Caporale, G.1    Cipollini, A.2    Demetriades, P.3
  • 5
    • 33747358345 scopus 로고    scopus 로고
    • What matters for financial development? Capital controls, institutions, and interactions
    • data available at http://www.ssc.wisc.edu/~mchinn/
    • Chinn M., and Ito H. What matters for financial development? Capital controls, institutions, and interactions. Journal of Development Economics 81 (2006) 163-192. http://www.ssc.wisc.edu/~mchinn/ data available at http://www.ssc.wisc.edu/~mchinn/
    • (2006) Journal of Development Economics , vol.81 , pp. 163-192
    • Chinn, M.1    Ito, H.2
  • 6
    • 33744943285 scopus 로고    scopus 로고
    • Fiscal imbalances and the dynamics of currency crises
    • Corsetti G., and Maćkowiak B. Fiscal imbalances and the dynamics of currency crises. European Economic Review 50 (2006) 1317-1338
    • (2006) European Economic Review , vol.50 , pp. 1317-1338
    • Corsetti, G.1    Maćkowiak, B.2
  • 7
    • 33645922782 scopus 로고    scopus 로고
    • International lending of last resort and moral hazard: a model of IMF's catalytic finance
    • Corsetti G., Guimarães B., and Roubini N. International lending of last resort and moral hazard: a model of IMF's catalytic finance. Journal of Monetary Economics 53 (2006) 441-471
    • (2006) Journal of Monetary Economics , vol.53 , pp. 441-471
    • Corsetti, G.1    Guimarães, B.2    Roubini, N.3
  • 8
    • 34347341349 scopus 로고    scopus 로고
    • Bedfellows, hostages, or perfect strangers? Global capital markets and the catalytic effect of IMF crisis lending
    • Mody A., and Rebucci A. (Eds), International Monetary Fund, Washington, DC
    • Cottarelli C., and Giannini C. Bedfellows, hostages, or perfect strangers? Global capital markets and the catalytic effect of IMF crisis lending. In: Mody A., and Rebucci A. (Eds). IMF-Supported Programs: Recent Staff Research (2006), International Monetary Fund, Washington, DC
    • (2006) IMF-Supported Programs: Recent Staff Research
    • Cottarelli, C.1    Giannini, C.2
  • 9
    • 0000769846 scopus 로고
    • Measuring the independence of central banks and its effect on policy outcomes
    • Cukierman A., Webb S., and Neyapti B. Measuring the independence of central banks and its effect on policy outcomes. World Bank Economic Review 6 (1992) 353-398
    • (1992) World Bank Economic Review , vol.6 , pp. 353-398
    • Cukierman, A.1    Webb, S.2    Neyapti, B.3
  • 10
    • 0346789760 scopus 로고    scopus 로고
    • A fiscal theory of currency crises
    • Daniel B.C. A fiscal theory of currency crises. International Economic Review 42 (2001) 969-988
    • (2001) International Economic Review , vol.42 , pp. 969-988
    • Daniel, B.C.1
  • 11
    • 20844449920 scopus 로고    scopus 로고
    • An interest rate defense of a fixed exchange rate?
    • Flood R., and Jeanne O. An interest rate defense of a fixed exchange rate?. Journal of International Economics 66 (2005) 471-484
    • (2005) Journal of International Economics , vol.66 , pp. 471-484
    • Flood, R.1    Jeanne, O.2
  • 13
    • 85015464889 scopus 로고    scopus 로고
    • Do high interest rates defend currencies during speculative attacks? New evidence
    • University of Oxford available at http://www.csae.ox.ac.uk/workingpapers/pdfs/2006-11text.pdf
    • Goderis B., and Ioannidou V. Do high interest rates defend currencies during speculative attacks? New evidence. CSAE Working Papers 2006-11 (2006), University of Oxford. http://www.csae.ox.ac.uk/workingpapers/pdfs/2006-11text.pdf available at http://www.csae.ox.ac.uk/workingpapers/pdfs/2006-11text.pdf
    • (2006) CSAE Working Papers 2006-11
    • Goderis, B.1    Ioannidou, V.2
  • 14
    • 1842853156 scopus 로고    scopus 로고
    • Does monetary policy stabilize the exchange rate following a currency crisis
    • Goldfajn I., and Gupta P. Does monetary policy stabilize the exchange rate following a currency crisis. IMF Staff Papers 50 (2003) 90-114
    • (2003) IMF Staff Papers , vol.50 , pp. 90-114
    • Goldfajn, I.1    Gupta, P.2
  • 15
    • 0012814061 scopus 로고    scopus 로고
    • The impact of monetary policy on exchange rates during financial crises
    • Glick R., Moreno R., and Spiegel R. (Eds), Cambridge University Press, Cambridge, UK
    • Gould D., and Kamin S. The impact of monetary policy on exchange rates during financial crises. In: Glick R., Moreno R., and Spiegel R. (Eds). Financial Crises in Emerging Markets (2001), Cambridge University Press, Cambridge, UK
    • (2001) Financial Crises in Emerging Markets
    • Gould, D.1    Kamin, S.2
  • 16
    • 0037351783 scopus 로고    scopus 로고
    • Do high interest rates defend currencies during speculative attacks?
    • Kraay A. Do high interest rates defend currencies during speculative attacks?. Journal of International Economics 59 (2003) 297-321
    • (2003) Journal of International Economics , vol.59 , pp. 297-321
    • Kraay, A.1
  • 17
    • 0038205588 scopus 로고    scopus 로고
    • Delaying the inevitable: interest rate defense and balance of payments crises
    • Lahiri A., and Végh C. Delaying the inevitable: interest rate defense and balance of payments crises. Journal of Political Economy 111 (2003) 404-424
    • (2003) Journal of Political Economy , vol.111 , pp. 404-424
    • Lahiri, A.1    Végh, C.2
  • 18
    • 37349097014 scopus 로고    scopus 로고
    • Indicators of financial crises do work! An early-warning system for six Asian countries
    • University of Groningen
    • Lestano, Jacobs J., and Kuper G. Indicators of financial crises do work! An early-warning system for six Asian countries. CCSO Working Papers vol. 200313 (2003), University of Groningen
    • (2003) CCSO Working Papers , vol.200313
    • Lestano1    Jacobs, J.2    Kuper, G.3
  • 19
    • 33745964353 scopus 로고    scopus 로고
    • Catalysing private capital flows: do IMF programmes work as commitment devices?
    • Mody A., and Saravia D. Catalysing private capital flows: do IMF programmes work as commitment devices?. The Economic Journal 116 (2006) 843-867
    • (2006) The Economic Journal , vol.116 , pp. 843-867
    • Mody, A.1    Saravia, D.2
  • 21
    • 0038726990 scopus 로고    scopus 로고
    • The East Asian financial crisis: diagnosis, remedies, prospects
    • Radelet S., and Sachs J. The East Asian financial crisis: diagnosis, remedies, prospects. Brookings Papers on Economic Activity (1998) 1-90
    • (1998) Brookings Papers on Economic Activity , pp. 1-90
    • Radelet, S.1    Sachs, J.2
  • 22
    • 1642369860 scopus 로고    scopus 로고
    • The modern history of exchange rate arrangements: a reinterpretation
    • Reinhart C., and Rogoff K. The modern history of exchange rate arrangements: a reinterpretation. Quarterly Journal of Economics CXIX (2004) 1-48
    • (2004) Quarterly Journal of Economics , vol.CXIX , pp. 1-48
    • Reinhart, C.1    Rogoff, K.2
  • 24
    • 1642419182 scopus 로고    scopus 로고
    • The impact of monetary policy on the exchange rate: evidence from three small open economies
    • Zettelmeyer J. The impact of monetary policy on the exchange rate: evidence from three small open economies. Journal of Monetary Economics 51 (2004) 635-652
    • (2004) Journal of Monetary Economics , vol.51 , pp. 635-652
    • Zettelmeyer, J.1
  • 25
    • 34347329346 scopus 로고    scopus 로고
    • Zwart, S., in press. The mixed blessing of IMF intervention: Signalling versus liquidity support. Journal of Financial Stability, doi:10.1016/j.jfs.2007.04.001.


* 이 정보는 Elsevier사의 SCOPUS DB에서 KISTI가 분석하여 추출한 것입니다.