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An Intertemporal Currency Board
In: Pacific economic review, Band 4, Heft 2, S. 215-232
ISSN: 1468-0106
The paper shows that the traditional wisdom of raising interest rates to defend a currency enriches rather than punishes the speculators. Furthermore, using high interest rates as a currency defense tool often produces the opposite effect in times of crisis. A new approach is proposed of using Hong Kong dollar "put" options as an explicit commitment by the government. The put option itself acts like an intertemporal currency board in keeping the linked exchange rate over time. This costly signaling produces a separating equilibrium that distinguishes the strength of the Hong Kong dollar from the other Asian currencies that were under pressure in 1997.
International Law, Intertemporal Problems
In: D'Amato, Anthony International Law, Intertemporal Problems, Encyclopedia of Public International Law. 1992
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Recht und intertemporale Gerechtigkeit
In: Der Staat: Zeitschrift für Staatslehre und Verfassungsgeschichte, deutsches und europäisches öffentliches Recht, Band 61, Heft 1, S. 113-128
ISSN: 1865-5203
Intertemporal objective functions
In: Mathematical social sciences, Band 35, Heft 1, S. 37-55
Intertemporal Substitution in Consumption
In: Journal of political economy, Band 96, Heft 2, S. 339-357
ISSN: 1537-534X
Intertemporal Substitution in Consumption
In: Journal of political economy, Band 96, Heft 2, S. 339
ISSN: 0022-3808
Preiserwartungen und intertemporales Gleichgewicht
In: Zeitschrift für Nationalökonomie: Journal of economics, Band 8, Heft 1, S. 33-46
ISSN: 2304-8360
Intertemporal surplus management
In: Journal of economic dynamics & control, Band 28, Heft 5, S. 975-990
ISSN: 0165-1889