Do High Interest Rates Defend Currencies during Speculative Attacks?

Kraay, Aart

World Bank, Washington, DC

关键词: ADVERSE EFFECTS;    BANKING CRISIS;    BENCHMARK;    BLACK MARKET;    BLACK MARKET PREMIUM;   

DOI  :  10.1596/1813-9450-2267
RP-ID  :  WPS2267

学科分类：社会科学、人文和艺术（综合）

来源: World Bank Open Knowledge Repository

【 摘 要 】

Drawing on evidence from a large sampleof speculative attacks in industrial and developingcountries, the author argues that high interest rates do notdefend currencies against speculative attacks. In fact,there is a striking lack of any systematic associationbetween interest rates and the outcome of speculativeattacks. The lack of clear empirical evidence on the effectsof high interest rates during speculative attacks mirrorsthe theoretical ambiguities on this issue.