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An Interest Rate Defense of a Fixed Exchange Rate?
Robert P. Flood,Olivier Jeanne
Limited preview - 2000
2000 annual rate active interest rate bonds are imperfect CEPR Discussion Paper currency crises currency peg devaluation expectations domestic and foreign domestic bonds domestic credit domestic monetary authority domestic-currency interest rate Drazen East Asian crises efficacy of interest European Central Bank exchange rate jump fiscal problem fixed currency fixed exchange rate fixed rate regime fixed-rate Flood and Garber foreign bonds foreign exchange market foreign-currency government debt government's budget constraint hastens the collapse imperfect substitutes inflation interest parity condition interest rate defense interest rate policy International Monetary Fund international reserves Laffer curve Lahiri and Vegh level of taxes Marion model of speculative monetary policy money demand Monitoring the European nominal interest rate Olivier Jeanne passive reflection Peter Garber post-collapse price level raising the interest real debt real interest rate reflection of devaluation Robert P Flood seigniorage revenues shadow exchange rate speculative attack standard KFG model subscriptions www.cepr.org