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Do high interest rates defend currencies during speculative attacks ?, Volume 1

Author:	Kraay, Aart;	Collection Title:	Policy, Research working paper ; no. WPS 2267
Date Stored:	2000/02/09	Document Date:	2000/01/31
Document Type:	Policy Research Working Paper	Language:	English
Major Sector:	Finance	Report Number:	WPS2267
Sub Sectors:	Other Finance	SubTopics:	Environmental Economics & Policies; Payment Systems & Infrastructure; Economic Theory & Research; Economic Stabilization; Macroeconomic Management; Insurance & Risk Mitigation; Fiscal & Monetary Policy; Financial Economics
Volume No:	1

Summary: Drawing on evidence from a large sample of speculative attacks in industrial and developing countries, the author argues that high interest rates do not defend currencies against speculative attacks. In fact, there is a striking lack of any systematic association between interest rates and the outcome of speculative attacks. The lack of clear empirical evidence on the effects of high interest rates during speculative attacks mirrors the theoretical ambiguities on this issue.


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File Type		Description	File Size (mb)

	PDF 52 pages	Official version*	3.64 (approx.)
	Text	Text version**


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File Type		Description	File Size (mb)

	PDF 47 pages	WPS2267	0.12

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