Arbeitspapier
On nash equilibria in speculative attack models
Since a fixed exchange rate regime is a fixed price system, there is no theoretical reason to presume that the foreign exchange market clears, particularly during a speculative attack. This paper shows that equilibria where we allow for the possibility of such corner solutions are a superset of the previously examined "market-clearing" equilibria. The timing of the balance-of-payments crisis is no longer predictable in the same sense - multiple equilibria exist even in the very simplest speculative attack model.
- Sprache
-
Englisch
- Erschienen in
-
Series: UCD Centre for Economic Research Working Paper Series ; No. WP16/13
- Klassifikation
-
Wirtschaft
Foreign Exchange
Central Banks and Their Policies
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Pastine, Ivan
- Ereignis
-
Veröffentlichung
- (wer)
-
University College Dublin, UCD School of Economics
- (wo)
-
Dublin
- (wann)
-
2016
- Handle
- Letzte Aktualisierung
-
10.03.2025, 11:43 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Pastine, Ivan
- University College Dublin, UCD School of Economics
Entstanden
- 2016
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