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- W2789847953 abstract "Abstract An exchange-rate system is a contract which commits central banks to intervene in the foreign-exchange market. The design features of the system include: the rules of intervention, the limits placed on exchange rates and the ‘crisis scenario’ describing possible transitions to new regimes. This paper considers the various trade-offs one faces in designing an exchange-rate system. One of these pertains to the amount of reserves which the central banks must have on hand in order to forestall a speculative attack and make the system sustainable. The amount of reserves needed depends crucially on the assumed crisis scenario." @default.
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- W2789847953 title "Monetary contracting between central banks and the design of sustainable exchange-rate zones" @default.
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- W2789847953 doi "https://doi.org/10.1016/0022-1996(93)90047-2" @default.
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