Models of Currency Crises with Self-Fulfilling Features /
Obstfeld, Maurice.
Models of Currency Crises with Self-Fulfilling Features / Maurice Obstfeld. - Cambridge, Mass. National Bureau of Economic Research 1995. - 1 online resource: illustrations (black and white); - NBER working paper series no. w5285 . - Working Paper Series (National Bureau of Economic Research) no. w5285. .
October 1995.
The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria. After describing an illustrative model in which high unemployment may cause an exchange- rate crisis with self-fulfilling features, the paper reviews some other self-reinforcing mechanisms. Recent econometric evidence seems to support the practical importance of these mechanisms.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.
Models of Currency Crises with Self-Fulfilling Features / Maurice Obstfeld. - Cambridge, Mass. National Bureau of Economic Research 1995. - 1 online resource: illustrations (black and white); - NBER working paper series no. w5285 . - Working Paper Series (National Bureau of Economic Research) no. w5285. .
October 1995.
The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria. After describing an illustrative model in which high unemployment may cause an exchange- rate crisis with self-fulfilling features, the paper reviews some other self-reinforcing mechanisms. Recent econometric evidence seems to support the practical importance of these mechanisms.
System requirements: Adobe [Acrobat] Reader required for PDF files.
Mode of access: World Wide Web.