Devaluation expectations and speculative attacks on the currency

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Title: Devaluation expectations and speculative attacks on the currency
Author: Willman, Alpo
Organization: Bank of Finland
Department / Unit: Tutkimusosasto
Research Department
Series: Tutkimusyksikkö. Monistettuja tutkimuksia
Series number: 5/1987
Year of publication: 1987
Publication date: 14.4.1987
Pages: 37
Subject (yso): devalvaatio
Keywords: monistettuja tutkimuksia
Abstract: There is general agreement that a regime of fixed exchange rates can be sustained only if domestic economic policy is consistent with it. An excessively expansive monetary policy, for instance, leads to the depletion of foreign reserves, eventually forcing the central bank to either devalue the currency or allow it to float. However, speculative attacks on the currency have typically been preceded by a change in the foreign exchange target.
Rights: https://helda.helsinki.fi/bof/copyright


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