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Working paper

Do high interest rates defend currencies during speculative attacks?

Alternative title:
New evidence
Abstract:

A recent paper by Kraay (2003) documents the lack of any systematic association between monetary policy and the outcome of a speculative attack. This paper extends Kraay’s work by introducing an improved measure of monetary policy and an additional country-specific fundamental, short-term corporate debt, to capture balance sheet vulnerabilities emphasized by the recent currency crises literature. The results show that for low levels of short-term corporate debt, raising interest rates lowers ...

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Publication status:
Published
Peer review status:
Not peer reviewed

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Institution:
University of Oxford
Division:
SSD
Department:
Economics
Sub department:
CSAE
Research group:
Global Economic Development
Role:
Author
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Institution:
Tilburg University
Role:
Author
Series:
CSAE working paper series
Place of publication:
http://www.csae.ox.ac.uk/workingpapers/main-wps.html
Publication date:
2006-01-01
Language:
English
Keywords:
Subjects:
UUID:
uuid:62764401-2383-45b9-b61f-08af7ca0ead0
Local pid:
ora:2612
Deposit date:
2009-02-16

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