返回Google圖書搜尋

Exit Strategies, Capital Flight and Speculative Attacks

Andreas SteinerSven SteinkampFrank Westermann

其他書名	Europe's Version of the Trilemma
出版	Institute of Empirical Economic Research, Osnabrück University, 2017
URL	http://books.google.com.hk/books?id=WZLEswEACAAJ&hl=&source=gbs_api

註釋Zusammenfassung: In the winter 2011/12 a wave of internal capital .ight prompted the ECB to abandon its exit strategy and to announce an unprecedented monetary expansion. We analyze this episode in several dimensions: (i) by providing an event-study analysis covering key variables from national central banks.balance sheets, (ii) by rationalizing their patterns in a portfolio balance model of the exchange rate, augmented by institutional characteristics of the TARGET2 system, and (iii) by proposing a theory-based index of exchange market pressure within the euro area. We argue that the euro area entails an inherent policy trilemma that makes it prone to speculative attacks.