Abstract
Previous literature modelling financial crises and speculative attacks highlighted particularly the aspects of speculators attacking a currency. However, it did not incorporate the main role of the central bank adequately. In fact, setting the interest rate influences the fundamentals and the costs of speculators. Thus, the behavior of the central bank is neither a passive reaction due to speculative pressure nor sole signalling—it changes the state of the economy.
This is a preview of subscription content, log in via an institution to check access.
Access this chapter
Tax calculation will be finalised at checkout
Purchases are for personal use only
Author information
Authors and Affiliations
Corresponding author
Rights and permissions
Copyright information
© 2016 Springer Fachmedien Wiesbaden
About this chapter
Cite this chapter
Ernstberger, P. (2016). Introduction. In: Crisis, Debt, and Default. Springer Gabler, Wiesbaden. https://doi.org/10.1007/978-3-658-13231-6_1
Download citation
DOI: https://doi.org/10.1007/978-3-658-13231-6_1
Published:
Publisher Name: Springer Gabler, Wiesbaden
Print ISBN: 978-3-658-13230-9
Online ISBN: 978-3-658-13231-6
eBook Packages: Economics and FinanceEconomics and Finance (R0)