Tham khảo tài liệu 'currency strategy a practitioner s guide to currency investing hedging and forecasting wiley_7', tài chính - ngân hàng, ngân hàng - tín dụng phục vụ nhu cầu học tập, nghiên cứu và làm việc hiệu quả | 176 Currency Strategy in August 1993 the governments of the ERM countries gave in and widened the ERM currency trading bands to 15 from thus de facto allowing a depreciation of their currencies against the ERM anchor the Deutschmark. The idea of recrimination after a currency crisis is thought of these days as a feature of the emerging markets indeed currency crises themselves are thought of as an emerging market phenomenon. Thus it is important to remember the sense of outrage fury and a desire almost for vengeance that permeated official Europe in the wake of that exchange rate band widening. The enemy of the European project of the European dream of integration and eventual unification was clear and it was Anglo-Saxon speculators. After the ERM crises of 1992-1993 however it was indeed the turn of the emerging markets to see one currency crisis after another. Here the sense of betrayal at the hands of the market was particularly acute because many emerging market countries had adopted free market practices precisely to progress economically and eventually bridge the perceived gap between the emerging and developed worlds. Thus the 1994-1995 currency crisis in Mexico was a very rude awakening indeed not just for Mexico and its neighbours but also for the emerging market countries as a whole. After that came the Czech koruna currency crisis in 1996-1997. Like the Mexican peso it was pegged to a base currency. In the Czech case this was the Deutschemark and like the Mexican peso it eventually was forced to de-peg from that base currency and promptly collapsed. In 1997-1998 the Asian currency crisis exploded on the international scene. I remember it in the context that I was living and working in Hong Kong when it took place. It is an important realization in discussing the subject of currency speculation that countries facing a currency crisis experience a stage of siege followed by something very akin to bitter defeat. Blame is sought or more accurately in .
