Attacchi speculativi autorealizzantesi con informazione incompleta: alcuni commenti
Models of self-fulfilling speculative attacks based upon the assumption of common knowledge of the state of the fundamentals are characterised generally by the presence of multiple equilibria. Morris and Shin (1998) however, show that a unique equilibrium is obtained when removing the assumption of complete information. In this article we provide an explanatory synthesis of the above mentioned model and we survey the contributions that originated from it. We argue that both the hypothesis of a deterministic link between the state of the fundamentals and the flexible exchange rate and the hypothesis that the actual state of the fundamentals can be univocally determined are unrealistic. Therefore we conclude that although the model proposed by Morris and Shin represents an excellent exercise of positive economics, it does not allow to draw any normative prescriptions of economic policy.
If you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
When requesting a correction, please mention this item's handle: RePEc:mul:je8794:doi:10.1429/1577:y:2001:i:3:p:285-316. See general information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: ()
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.