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| Author: | Heinemann, F. Illing, G. |
| Title: | Speculative attacks: unique equilibrium and transparency |
| Journal: | Journal of International Economics
2002 : DEC, VOL. 58:2, p. 429-450 |
| Index terms: | Financial theory Equilibrium analysis Game theory Currency Risk behaviour |
| Language: | eng |
| Abstract: | The authors apply the method of Morris and Shin (Amer. Econ. Rev. 1998, 587-597) to a broader class of probability distributions and show - using the technique of iterated elimination of dominated strategies - that their results continue to hold, even if they allow for sunspots and individual uncertainty about strategic behaviour of other agents. For a case of uniform distribution of noisy signals, they show that increased transparency of government policy reduces the likelihood of attacks. |
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