haku: @author Chan, K.S. / yhteensä: 1
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| Tekijä: | Chan, K.S. Chiu, S. |
| Otsikko: | The role of (non-)transparency in a currency crisis model |
| Lehti: | European Economic Review
2002 : FEB, VOL. 46.2, p. 397-416 |
| Asiasana: | CRISES CURRENCY EQUILIBRIUM ANALYSIS |
| Vapaa asiasana: | TRANSPARENCY |
| Kieli: | eng |
| Tiivistelmä: | This paper extends the work by Morris and Shin (Am. Econom. Rev. 88, 1988, p. 587-597) where multiple equilibria in the self-fulfilling currency attack models can be reduced to a unique equilibrium when agents observe fundamentals privately with small errors. The authors find that under a more general specification with realistic parameters, noisy private observations are generally insufficient to prevent the multiplicity of equilibria. |
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