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Financial Markets and European Monetary Cooperation : The Lessons of the 1992-93 Exchange Rate Mechanism Crisis - Willem H. Buiter

Financial Markets and European Monetary Cooperation

The Lessons of the 1992-93 Exchange Rate Mechanism Crisis

Hardcover

Published: 13th January 1998
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Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerged from that episode as regards the future of the European Monetary Union? This book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism. Cogent factual presentation, original theoretical analysis, and an interpretation rooted in theory, make this treatment by three leading economists essential reading to understand the process toward economic and political integration in Europe.

Introduction
Exchange rate stability in Europe: a historical perspective
The unfolding of the 1992-93 ERM crisis
Financial markets and ERM credibility
Modelling currency crisis
A center-periphery model
Unilateral pegs and escape clauses: the role of domestic credibility
Policy coordination and currency crisis
What causes the system to crumble
Rebuilding the system: what next?
Table of Contents provided by Publisher. All Rights Reserved.

ISBN: 9780521495479
ISBN-10: 0521495474
Series: Japan-US Center UFJ Bank Monographs on International Financial Markets
Audience: Professional
Format: Hardcover
Language: English
Number Of Pages: 240
Published: 13th January 1998
Publisher: Cambridge University Press
Country of Publication: GB
Dimensions (cm): 22.8 x 15.2  x 1.4
Weight (kg): 0.49