La speculazione su cambi esteri ed i trasferimenti internazionali di fondi privati (parte prima) (The role of commercial banks in foreign exchange speculation)

Autori

  • B. CUTILLI

DOI:

https://doi.org/10.13133/2037-3651/12401

Parole chiave:

Banks, foreign exchange speculation, monetary authorities, exchange rate

Abstract

The article suggests that, contrary to popular belief, banks can play a useful role in foreign exchange speculation if they are given a chance to draw a permanent profit from it and are convinced of the ability of the monetary authorities to maintain the exchange rate within certain pre-established boundaries. The author proposes a model to argue that banks’ speculative activity is beneficial both in stabilising the exchange rate in the face of non-speculators’ operation and in repelling a sudden attack by occasional speculators.


JEL: F31, G21, E58


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