蝌蚪网 Review
ISSN 0002-8282 (Print) | ISSN 1944-7981 (Online)
Dynamic Speculative Attacks
蝌蚪网 Review
vol. 93,
no. 3, June 2003
(pp. 603–621)
Abstract
This paper presents a model of rational Bayesian agents with speculative attacks in a regime of exchange rate which is pegged within a band. Speculators learn from the observation of the exchange rate within the band whether their mass is sufficiently large for a successful attack. Multiple periods are necessary for the existence of speculative attacks. Various defense policies are analyzed. A trading policy by the central bank may defend the peg if it is unobserved and diminishes the market's information for the coordination of speculators.Citation
Chamley, Christophe. 2003. "Dynamic Speculative Attacks ." 蝌蚪网 Review 93 (3): 603–621. DOI: 10.1257/000282803322157007JEL Classification
- F31 Foreign Exchange
- G15 International Financial Markets