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|z 9781451862249
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|a Diks, Cees.
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|a The Role of Domestic and Foreign Investors in a Simple Model of Speculative Attacks /
|c Cees Diks, Dennis Botman.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2005.
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|a 1 online resource (24 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 We introduce local and foreign investors in a simple model of speculative attacks. Local investors have less tolerance for overvaluation of the fixed exchange rate because they tend to incur lower costs when taking a short position and possess better information, and because of moral hazard created by discriminatory government guarantees. On the other hand, the prospect of higher taxation after a balance of payments crisis deters speculation by locals compared to foreign investors. Finally, the lower the degree of exchange rate pass-through, the more likely domestic investors are tp take the lead during capital flight.
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|a Mode of access: Internet
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|a Botman, Dennis.
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|a IMF Working Papers; Working Paper ;
|v No. 2005/205
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2005/205/001.2005.issue-205-en.xml
|z IMF e-Library
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