Özet:

This paper reviews theoretical models of currency crises The paper initially explains the first generation models of currency crises These models assume that the crises occur as a consequence of inconsistent macroeconomic policies which cause deterioration in economic fundamentals and leads to the collapse of the exchange rate system The second generation models deal with the self fulfilling aspects of the currency crises These models consider the possibility of the crises even if a continuous deterioration in the economic fundamentals is not observed Third generation models assume the interaction between the financial sectors and private businesses and stress the weaknesses of alerting the speculative attacks In this context the role of the monetary policy is specifically mentioned Final part of the paper explains the interaction of currency and banking crises which is named twin crises It was argued that problems of the banking sector cause currency crises and currency crises further deepens the banking crises which results in a vicious circle Keywords: Currency Crises Balance Of Payments Crises Speculative Attacks Moral Hazard Twin Crises

Anahtar Kelimeler: