Issues in debates about foreign currency exposure -- the denomination of liabilities or assets in foreign currency.
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Drawing on a mix of economic history, network science, and sociology, "Currency Wars" provides a rich understanding of the increasing threats to U.S. national security, from dollar devaluation to collapse in the European periphery, failed states in Africa, Chinese neomercantilis…
Many emerging economies in Asia and elsewhere have been plagued by sharp booms and bust cycles of capital inflows and outflows. The heavily managed exchange rate, current account improvement, and surge of capital inflows inevitably placed significant upward pressure on the domes…
The turmoil of the 1990s stimulated the development of “early warning systems” (EWS) for currency crises. The two prevalent approaches have been probit/logit modeling, and the “signals” approach of Kaminsky, Lizondo and Reinhart (1997). Several issues can be raised regarding the…
High interest rates are a potentially powerful tool for the defense of a fixed exchange rate regime facing speculative pressure. Their effectiveness at doing so, however, is put in question by both the stylized facts and the small empirical literature on monetary policy during c…
Scope and method of study. The main objective of this dissertation is to identify the determinants of stock market and currency crises and investigate the direction of causality between stock market and currency crises in emerging markets. The timing of stock market and currency…
This dissertation confronts the difficulty in explaining the market pressures against the rupiah and the won during their currency crises of 1997–98. The crises are viewed in the context of multiple equilibria in financial markets, where the sudden rise in the market pressure is…
This thesis studies two related issues that have gained relevance as a consequence of several of the major currency crises of the 1990s. The first is the impact that devaluations have on investment when domestic firms have currency mismatches, i.e., debt denominated in foreign c…
My dissertation is motivated by several events that occurred in the international financial markets during the 1980s and 1990s. Those events induced regime changes in exchange rate markets as well as their systems in many different senses. My dissertation investigates those regi…