The Role of Domestic and Foreign Investors in a Simple Model of Speculative Attacks /
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...
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| Format: | Žurnal |
| Jezik: | English |
| Izdano: |
Washington, D.C. :
International Monetary Fund,
2005.
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| Serija: | IMF Working Papers; Working Paper ;
No. 2005/205 |
| Online pristup: | Full text available on IMF |