EXCHANGE-RATE SPECULATION AND CHAOS INDUCING INTERVENTION

被引：12

作者：

SZPIRO, GG ^{[1
]}

机构：

[1] HEBREW UNIV JERUSALEM,BUSINESS ADM,IL-91905 JERUSALEM,ISRAEL

来源：

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION | 1994年 / 24卷 / 03期

关键词：

FOREIGN EXCHANGE; CHAOS;

D O I：

10.1016/0167-2681(94)90042-6

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

We show that in a market characterized by high volatility, transactions designed to have a stabilizing effect may inadvertently induce chaos. In the foreign exchange market, for example, excessive interventions by a central bank may lead to an increase in erratic behavior, rather than to the calming of exchange rate movements.

引用

页码：363 / 368

页数：6

共 9 条

[1] ERRATIC ACCUMULATION [J].

BENHABIB, J ;

DAY, RH .

ECONOMICS LETTERS, 1980, 6 (02) :113-117

[2]

Brock W., 1989, DIFFERENTIAL EQUATIO

[3] BULLS, BEARS AND MARKET SHEEP [J].

DAY, RH ;

HUANG, WH .

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 1990, 14 (03) :299-329

[4]

DAY RH, 1982, AM ECON REV, V72, P406

[5] STATISTICAL DYNAMICS AND ECONOMICS [J].

DAY, RH ;

PIANIGIANI, G .

JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION, 1991, 16 (1-2) :37-83

[6] THE EMERGENCE OF CHAOS FROM CLASSICAL ECONOMIC-GROWTH [J].

DAY, RH .

QUARTERLY JOURNAL OF ECONOMICS, 1983, 98 (02) :201-213

[7]

Goodwin R.M., 1990, STRUCT CHANGE ECON D, V1, P119, DOI [10.1016/0954-349X(90) 90031-3, DOI 10.1016/0954-349X(90)90031-3]

[8] CHAOTIC PRICE BEHAVIOR IN A NON-LINEAR COBWEB MODEL [J].

JENSEN, RV ;

URBAN, R .

ECONOMICS LETTERS, 1984, 15 (3-4) :235-240

[9]

Levy H., 1994, CAPITAL INVESTMENT F

← 1 →