THE CRISIS OF INTERNATIONAL CURRENCY SYSTEM, CURRENCY CRISIS AND ITS MODELS
Journal Title: Проблеми системного підходу в економіці - Year 2017, Vol 6, Issue 62
Abstract
In the presented article the author identifies three types of models of the currency crisis. In models of the first type (otherwise, the crisis of the current account), all variables are deterministic, and the reduction of the country’s gold and currency reserves is considered as the main reason for the currency crisis. In models of the second type (in other words, the crisis of “realized” expectations), an important attention is paid to uncertainty, i.e. the fact that economic policy is not predetermined, but depends on the current economic conditions and expectations of economic conditions and expectations of economic agents. In models of the third type (otherwise, the crises that arise as a result of the “spread” effect), the focus is on the effect of the spread of the currency crisis from one country to another. According to the author, increasing the degree of capital mobility, lifting restrictions on the movement of factors of production between countries and continents contributed to the globalization of the world economy.
Authors and Affiliations
J. P. Safarov
Keywords
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