000			02600cam a22003137 4500
001			w2702
003			NBER
005			20211020114922.0
006			m o d
007			cr cnu||||||||
008			210910s1988 mau fo 000 0 eng d
100	1		_aGoldberg, Linda S. _911528
245	1	0	_aCollapsing Exchange Rate Regimes: _bShocks and Biases / _cLinda S. Goldberg.
260			_aCambridge, Mass. _bNational Bureau of Economic Research _c1988.
300			_a1 online resource: _billustrations (black and white);
490	1		_aNBER working paper series _vno. w2702
500			_aSeptember 1988.
520	3		_aPatterns in domestic credit creation stemming from inconsistent fiscal policies have received widespread attention for aggravating speculative attacks on central bank foreign exchange reserves and contributing to the collapse of exchange rate regimes. This paper acknowledges the importance of monetary and fiscal discipline, but also emphasizes the importance of other random shocks to the domestic money market, most notably shocks from external credit supplies and relative prices. Policies of the domestic fiscal authorities are only partial catalysts for speculative attacks on a currency. Expansion of domestic credit stemming from the monetization of fiscal imbalances may be dominated by involuntary domestic credit expansions necessitated by surprise shortages in supplies of external capital. Further, the unexpected availability of external capital translates into a lower net critical reserve floor, making the depletion of central bank reserves by a speculative attack more difficult to accomplish. Also of considerable importance are relative price shocks which directly influence the probability of collapse by randomizing the demand for nominal money balances. Empirical studies of exchange rate crises that neglect these considerations will produce biased estimates of both expected collapse probabilities and anticipated post-collapse exchange rates.
530			_aHardcopy version available to institutional subscribers
538			_aSystem requirements: Adobe [Acrobat] Reader required for PDF files.
538			_aMode of access: World Wide Web.
588	0		_aPrint version record
690		7	_aF - International Economics _2Journal of Economic Literature class.
710	2		_aNational Bureau of Economic Research.
830		0	_aWorking Paper Series (National Bureau of Economic Research) _vno. w2702.
856	4	0	_uhttps://www.nber.org/papers/w2702
856			_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w2702
942			_2ddc _cW-PAPER
999			_c345836 _d304398