Self-Fulfilling Risk Predictions : An Application to Speculative Attacks

An Application to Speculative Attacks

Self-Fulfilling Risk Predictions : An Application to Speculative Attacks
The paper shows that changing market beliefs about currency risk can generate a self-fulfilling speculative attack on a fixed exchange rate. The attack does not require a later change in policies to make it profitable. This is illustrated by introducing an endogenous risk premium into a "first-generation model" of a speculative attack. The model... READ MORE...

Publication date: August 1998
ISBN 9781451854695
$15.00

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