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.
Why was the European Monetary System in 1992-93 swept by waves of disruptive speculative attacks? And what lessons emerged from that episode as regard...
This title, first published in 1979, presents the Ph.D. thesis of the world-renowned economist and financial expert, Willem Buiter.
In Part I, three alternative specifications of temporary equilibria in asset markets, including their implications for macroeconomic models, are discussed; Part II examines the long-term implications of some short-term macroeconomic models. The analysis of the theoretical foundations of direct crowding out and indirect crowding out is particularly prominent, with the result that a synthesis of short-term macroeconomic analysis and long-term growth theory is...
This title, first published in 1979, presents the Ph.D. thesis of the world-renowned economist and financial expert, Willem Buiter.
