Abstract
The large but unsuccessful speculative attacks launched against the French franc during the September 1992 EMS (European Monetary System) crisis at a time when the fundamentals of the French economy were widely considered as satisfactory have often prompted the following question: were these speculative attacks the manifestation of a speculative bubble or can they be explained rationally, if not fundamentally?
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Preview
Unable to display preview. Download preview PDF.
References
Aglietta, M. and Bauland, C. (1990) Le Franc: de l’ Instrument de Croissance à la Recherche de l’ Ancrage Nominal. Colloque Du Franc Poincaré à l’ Ecu, Working Paper.
Bertola, G. and Svensson, L. E. O. (1993) Stochastic devaluation risk and empirical fit of target zone models. Review of Economic Studies, in press.
Cukierman, A., Kiguel, M. A. and Leiderman, L. (1992) The Choice of Exchange Rate Bands: Balancing Credibility and Flexibility, mimeo November 1992.
Frankel, J. A. and Froot, K. (1991) Exchange rate forecasting techniques, survey data, and implications for the Foreign Exchange Market, NBER Working Paper no. 3470.
Lyons, R. K. (1991) Private Beliefs and Information Externalities in the Foreign Exchange Market, NBER Working Paper no. 3889, October 1991.
Orléan, A. (1990) Le Rô le des Influences Inter-personnelles dans la Dé termination des Cours Boursiers, Rapports et Documents du CREA, no. 9001 A, February.
Svensson, L. E. O. (1990) The Term Structure of Interest Rates in a Target Zone: Theory and Swedish Data, Working Paper, Institute of International Economic Studies, University of Stockholm.
Svensson, L. E. O. (1992) Assessing Target Zone Credibility: Mean Reversion and Devaluation Expectations in the ERM, Institute for International Economic Studies, University of Stockholm.
Editor information
Editors and Affiliations
Rights and permissions
Copyright information
© 1994 Springer Science+Business Media Dordrecht
About this chapter
Cite this chapter
Moutot, P.P. (1994). What might explain the September 1992 speculative attacks on the French franc?. In: Scobie, H.M. (eds) The European Single Market. Springer, Dordrecht. https://doi.org/10.1007/978-94-011-1304-5_3
Download citation
DOI: https://doi.org/10.1007/978-94-011-1304-5_3
Publisher Name: Springer, Dordrecht
Print ISBN: 978-94-010-4569-8
Online ISBN: 978-94-011-1304-5
eBook Packages: Springer Book Archive