Financial Markets and European Monetary Cooperation
The Lessons of the 1992–93 Exchange Rate Mechanism Crisis
£100.00
Part of Japan-US Center UFJ Bank Monographs on International Financial Markets
- Authors:
- Willem H. Buiter, University of Cambridge
- Giancarlo Corsetti, Università degli Studi, Bologna, Italy
- Paolo A. Pesenti
- Date Published: April 1998
- availability: Available
- format: Hardback
- isbn: 9780521495479
£
100.00
Hardback
Other available formats:
Paperback, eBook
Looking for an inspection copy?
This title is not currently available on inspection
-
A blend of theoretical and policy-oriented analysis, this book provides a comprehensive assessment of the causes and implications of the 1992–3 crisis of the exchange rate mechanism of the European monetary system. Cogent factual presentation - including new details on the crisis - original theoretical analysis, and an interpretation rooted in the theory, make this treatment essential reading to understand the process toward economic and political integration in Europe. The authors first sketch the history of monetary cooperation in Europe from Bretton Woods to Maastricht. A step-by-step account of the 1992–3 events follows, including a discussion of the extent to which financial markets anticipated the crisis. A survey of the literature on the subject introduces the authors' center-periphery model of currency crisis. The authors argue that the vulnerability of Europe to financial crisis was - and still is - the result of the lack of concern with the systemic dimensions of monetary policy-making.
Read more- Most rigorous study of Europe's major financial crisis of the 1990s, eagerly awaited by academics and practitioners
- Author Buiter is world-renowned macroeconomic theorist and international economist
- Will have foreword by Helmut Schlessinger, former head of Germany's largest bank
Customer reviews
Not yet reviewed
Be the first to review
Review was not posted due to profanity
×Product details
- Date Published: April 1998
- format: Hardback
- isbn: 9780521495479
- length: 240 pages
- dimensions: 237 x 160 x 21 mm
- weight: 0.52kg
- contains: 22 b/w illus. 3 tables
- availability: Available
Table of Contents
1. Introduction
2. Exchange rate stability in Europe: a historical perspective
3. The unfolding of the 1992–3 ERM crisis
4. Financial markets and ERM credibility
5. Modelling currency crisis
6. A center-periphery model
7. Unilateral pegs and escape clauses: the role of domestic credibility
8. Policy coordination and currency crisis
9. What causes the system to crumble
10. Rebuilding the system: what next?
Sorry, this resource is locked
Please register or sign in to request access. If you are having problems accessing these resources please email [email protected]
Register Sign in» Proceed
You are now leaving the Cambridge University Press website. Your eBook purchase and download will be completed by our partner www.ebooks.com. Please see the permission section of the www.ebooks.com catalogue page for details of the print & copy limits on our eBooks.
Continue ×Are you sure you want to delete your account?
This cannot be undone.
Thank you for your feedback which will help us improve our service.
If you requested a response, we will make sure to get back to you shortly.
×