Are currency crises self-fulfilling? A test

被引：87

作者：

Jeanne, O

机构：

[1] Ecl. Natl. Ponts et Chaussees-Ceras, 75007, Paris

来源：

JOURNAL OF INTERNATIONAL ECONOMICS | 1997年 / 43卷 / 3-4期

关键词：

currency crisis; speculation; multiple equilibria; European Monetary System;

D O I：

10.1016/S0022-1996(97)00002-0

中图分类号：

F [经济];

学科分类号：

02 ;

摘要：

This paper studies the respective roles of the fundamentals and self-fulfilling speculation in currency crises. We first present a model of a fixed exchange rate system in which self-fulfilling speculation can arise following a bifurcation in the fundamentals. We then estimate the model in the case of the 1992-3 crisis of the French franc, and find some evidence that self-fulfilling speculation was at work.

引用

页码：263 / 286

页数：24

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