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Are currency crises self-fulfilling? the case of Argentina

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  • Virginie Boinet
  • Oreste Napolitano
  • Nicola Spagnolo

Abstract

This paper analyzes the 2002 Argentine crisis using the Jeanne and Masson (2000) model with sunspots. Testing this model empirically through a Markov-switching model suggests that self-sulfilling prophecies is a reasonable explanation for the devaluation of the peso.

Suggested Citation

  • Virginie Boinet & Oreste Napolitano & Nicola Spagnolo, 2002. "Are currency crises self-fulfilling? the case of Argentina," Economics and Finance Discussion Papers 02-26, Economics and Finance Section, School of Social Sciences, Brunel University.
  • Handle: RePEc:bru:bruedp:02-26
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    File URL: http://www.brunel.ac.uk/329/efwps/02-26.pdf
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