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|z 9781451854695
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|a Flood, Robert.
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|a Self-Fulfilling Risk Predictions :
|b An Application to Speculative Attacks /
|c Robert Flood, Nancy Marion.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 1998.
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|a 1 online resource (34 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a The paper shows that changing market beliefs about currency risk can generate a self-fulfilling speculative attack on a fixed exchange rate. The attack does not require a later change in policies to make it profitable. This is illustrated by introducing an endogenous risk premium into a 'first-generation model' of a speculative attack. The model is further modified to take account of sterilization, debt-financed fiscal deficits, and anticipatory price-setting behavior. The model is used to interpret the 1994 Mexican peso crisis.
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|a Mode of access: Internet
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|a Marion, Nancy.
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|a IMF Working Papers; Working Paper ;
|v No. 1998/124
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/1998/124/001.1998.issue-124-en.xml
|z IMF e-Library
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