Do High Interest Rates Defend Currencies during Speculative Attacks?

[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.

[发布机构] World Bank, Washington, DC

[学科分类] 社会科学、人文和艺术（综合）

[关键词] ADVERSE EFFECTS;BANKING CRISIS;BENCHMARK;BLACK MARKET;BLACK MARKET PREMIUM