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Rational Speculation, Financial Crises, and Optimal Policy Responses1

Rational Speculation, Financial Crises, and Optimal Policy Responses1 »

Source: Rational Speculation, Financial Crises, and Optimal Policy Responses

Volume/Issue: 2004/25

Series: IMF Working Papers

Author(s): Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2004

ISBN: 9781451844290

Keywords: Preemptive Trade, Coordination Risk, Market Size Effect, central bank, exchange rate, domestic currency, exchange rate regime, Open Economy Macroeconomics,

This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of speculators in financial markets, in a model where each speculator tries to coordinate her trades with...

Rational Speculation, Financial Crises, and Optimal Policy Responses

Rational Speculation, Financial Crises, and Optimal Policy Responses »

Volume/Issue: 2004/25

Series: IMF Working Papers

Author(s): Jay Surti

Publisher: INTERNATIONAL MONETARY FUND

Publication Date: 01 February 2004

DOI: http://dx.doi.org/10.5089/9781451844290.001

ISBN: 9781451844290

Keywords: Preemptive Trade, Coordination Risk, Market Size Effect, central bank, exchange rate, domestic currency, exchange rate regime, Open Economy Macroeconomics,

This paper develops a theory of the onset of financial crises by solving for the optimal trading strategies of speculators in financial markets, in a model where each speculator tries to coordinate her trades with...