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Do high interest rates defend currencies during speculative attacks? 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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Publisher:
CSAE (University of Oxford)
Series:
Working Paper Series
Publication date:
2006-01-01
Language:
English
UUID:
uuid:a0ffc647-97d9-41b4-8f15-e5202f462cae
Local pid:
oai:economics.ouls.ox.ac.uk:13240
Deposit date:
2011-08-16

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