| Paper Number | KCB-WP-2014-001 |
|---|---|
| Title | The Role of the Central Bank in Contagious Currency Crises |
| Title(Other) | |
| Author | Frederick Dongchuhl Oh |
| Publisher | |
| Abstract | This paper examines the e¤ects of central bank communication on the likelihood of the
contagion of a currency crisis between two countries. The central bank&146 | s communication strategy in&135 | uences the behavior of speculators, which could mitigate the contagion of a currency crisis from another country. We &133 | nd that the contagion e¤ects from another country are low if the central bank&146 | s public signal regarding its country&146 | s economic fun- damentals is either too strong ｏｒ too weak. Furthermore, contagion e¤ects are minimized if the central bank provides the most accurate public information possible regarding the fundamentals, not by policy interventions in international &133 | nancial markets. (JEL F31, G15, D82, D83) |
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