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Stock Market Crash, 1987. --- Stock exchanges --- Financial crises --- Pension trusts --- Effect of monetary policy on --- Investments

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The exchange rate for the Lebanese pound experienced a protracted period of depreciation from end-1982 to November 1987, followed by a marked appreciation over the following six months. This paper investigates the competing hypotheses that the exchange rate over these two periods was driven by a speculative bubble versus “fundamental” economic variables. Reduced-form and time series models for the exchange rate are estimated and tested for nonstationarity. The results of these test suggest that the pound’s volatility in recent years was consistent with an excessive growth in domestic versus foreign currency denominated liquidity rather than speculation.

Asset and liability management --- Asset bubbles --- Currencies --- Currency --- Domestic liquidity --- Economic & financial crises & disasters --- Economics --- Exchange rates --- Finance --- Finance: General --- Financial Crises --- Financial crises --- Financial Risk Management --- Foreign Exchange --- Foreign exchange --- General Financial Markets: General (includes Measurement and Data) --- Government and the Monetary System --- Government securities --- Investment & securities --- Investment Decisions --- Investments: General --- Liquidity --- Monetary economics --- Monetary Systems --- Money and Monetary Policy --- Money --- Nominal effective exchange rate --- Payment Systems --- Portfolio Choice --- Regimes --- Standards --- Treasury bills and bonds --- Lebanon

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Publié à l'issue d'un symposium réunissant les pays du Maghreb, le FMI et la Banque mondiale, ce volume se penche sur les problèmes auxquels cette région est confrontée et présente plusieurs solutions possibles.

Monetary policy --- Monetary management --- Economic policy --- Currency boards --- Money supply --- Africa, North --- Barbary States --- Maghreb --- Maghrib --- North Africa --- Economic conditions --- Foreign economic relations --- Macroeconomics --- Banks and Banking --- Foreign Exchange --- Central Banks and Their Policies --- Economic & financial crises & disasters --- Banking --- Financial crises --- Central banks --- Currency crises --- Banks and banking, Central

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This paper analyzes the implications of devaluation and a variety of structural disturbances in a dual exchange rate economy. A key feature of the model developed is its explicit recognition of both private (fraudulent) and officially-sanctioned cross transactions between the two exchange markets. The principal lesson to be learned from the analysis is that popular notions as to the effects of devaluation or of other disturbances are to be viewed with considerable caution when the dual rate regime involves inter-market transactions.

Balance of trade --- Currency crises --- Currency markets --- Currency --- Economic & financial crises & disasters --- Economic sectors --- Economics of specific sectors --- Economics --- Economics: General --- Empirical Studies of Trade --- Exchange rates --- Exports and Imports --- Finance --- Finance: General --- Financial crises --- Financial markets --- Foreign exchange market --- Foreign Exchange --- Foreign exchange --- Informal Economy --- Informal sector --- International economics --- International Financial Markets --- International trade --- Macroeconomics --- Multiple currency practices --- Real exchange rates --- Trade balance --- Underground Econom --- Dominican Republic

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Money market. Capital market --- 336.76 --- Stock Market Crash, 1987 --- AA / International- internationaal --- 333.613 --- Black Monday, 1987 --- Crash, Stock Market, 1987 --- Stock Exchange Crash, 1987 --- Stock Market Crisis, 1987 --- Financial crises --- Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- Stock Market Crash, 1987. --- 336.76 Beurswezen. Geldmarkt. Valutamarkt. Binnenlandse geldmarkt. Valutamarkt --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties