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In particular it is shown that if the growth rate of domestic credit exceeds the rate of crawl of the band, expectations of future reserve depletion can arise, and the exchange rate's distribution inside the target zone concentrates more of its mass in the upper half of the band. The paper also provides an explanation of why attempts to decrease speculative pressure by increasing the rate of crawl are usually unsuccessful.","abstract_html":"Chapter Three develops a model of exchange rate fluctuations in a target zone with a crawling central parity. The goal is to explain the behavior of exchange rates in target zones when the central parity is allowed to depreciate. The setup is used to show the importance of having a coordinated monetary and exchange rate policy. In particular it is shown that if the growth rate of domestic credit exceeds the rate of crawl of the band, expectations of future reserve depletion can arise, and the exchange rate's distribution inside the target zone concentrates more of its mass in the upper half of the band. The paper also provides an explanation of why attempts to decrease speculative pressure by increasing the rate of crawl are usually unsuccessful.","abstract_has_math":false,"creators":["Galindo, Arturo Jose"],"institution":"University of Illinois at Urbana-Champaign","degree_name":"Ph.D.","degree_level":"Dissertation","degree_discipline":"Economics","degree_department":null,"school":null,"contributors":["Esfahani, Hadi S."],"advisors":[],"committee_chairs":[],"committee_members":[],"year":2015,"date_issued":"2015-09-25T22:47:45Z","date_published":"2015-09-25T22:47:45Z","updated_at":"2026-07-22T22:26:25Z","subjects":["Economics, General"],"languages":["eng"],"rights":[],"rights_urls":[],"identifier_entries":[{"key":"dc:identifier","label":"Identifier","values":["(MiAaPQ)AAI9921689"],"render_values":[{"text":"(MiAaPQ)AAI9921689","href":null,"code":true}]}]},"links":{"outbound_url":"http://hdl.handle.net/2142/85645","outbound_label":"Handle","outbound_source":"dc:identifier"},"metadata_groups":[{"id":"people","label":"People","entries":[{"key":"dc:contributor","label":"Contributor","values":["Esfahani, Hadi S."]},{"key":"dc:creator","label":"Author","values":["Galindo, Arturo Jose"]}]},{"id":"academic_context","label":"Academic Context","entries":[{"key":"dc:date","label":"Dc Date","values":["2015-09-25T22:47:45Z","10000-01-01","1999"]},{"key":"dc:type","label":"Dc Type","values":["text"]},{"key":"thesis:degree_discipline","label":"Discipline","values":["Economics"]},{"key":"thesis:degree_level","label":"Degree Level","values":["Dissertation"]},{"key":"thesis:degree_name","label":"Degree Name","values":["Ph.D."]},{"key":"thesis:institution_name","label":"Thesis Institution Name","values":["University of Illinois at Urbana-Champaign"]}]},{"id":"subjects_keywords","label":"Subjects and Keywords","entries":[{"key":"dc:subject","label":"Dc Subject","values":["Economics, General"]}]},{"id":"language_rights","label":"Language and Rights","entries":[{"key":"dc:language","label":"Dc Language","values":["eng"]}]},{"id":"identifiers","label":"Identifiers","entries":[{"key":"dc:identifier","label":"Identifier","values":["http://hdl.handle.net/2142/85645","(MiAaPQ)AAI9921689"]}]},{"id":"additional","label":"Additional Metadata","entries":[{"key":"dc:description","label":"Description","values":["Chapter Three develops a model of exchange rate fluctuations in a target zone with a crawling central parity. 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