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Models of Currency Crises with Self-Fulfilling Features / Maurice Obstfeld.
- Format:
- Book
- Author/Creator:
- Obstfeld, Maurice.
- Series:
- Working Paper Series (National Bureau of Economic Research) no. w5285.
- NBER working paper series no. w5285
- Language:
- English
- Physical Description:
- 1 online resource: illustrations (black and white);
- Place of Publication:
- Cambridge, Mass. National Bureau of Economic Research 1995.
- Summary:
- 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.
- Notes:
- Print version record
- October 1995.
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