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Financial Markets and European Monetary Cooperation

Financial Markets and European Monetary Cooperation
The Lessons of the 1992–93 Exchange Rate Mechanism Crisis

$39.99 (C)

Part of Japan-US Center UFJ Bank Monographs on International Financial Markets

  • Date Published: April 2001
  • availability: Available
  • format: Paperback
  • isbn: 9780521794404

$ 39.99 (C)

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About the Authors
  • Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerged from that episode as regards the future of the European Monetary Union? This book provides a comprehensive assessment of the causes and implications of the 1992-93 crisis of the exchange rate mechanism. Cogent factual presentation, original theoretical analysis, and an interpretation rooted in theory, make this treatment by three leading economists essential reading to understand the process toward economic and political integration in Europe.

    • 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
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    Product details

    • Date Published: April 2001
    • format: Paperback
    • isbn: 9780521794404
    • length: 240 pages
    • dimensions: 230 x 152 x 15 mm
    • weight: 0.36kg
    • 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?

  • Authors

    Willem H. Buiter, University of Cambridge

    Giancarlo Corsetti, Università degli Studi, Bologna, Italy

    Paolo A. Pesenti

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