An amalgamation of standard speculative attack models is applied to Mexican exchange rate regimes over the past twenty years. The paper develops the first simultaneous (non-iterative) estimator for speculative attack models. Particular attention is paid to the December 1994 devaluation of the peso. Estimation results for the recent devaluation are a disappointment, less so for earlier periods when the assumptions of the model are more appropriate.
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Paper provided by Bank for International Settlements in its series BIS Working Papers with number
36.
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