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Speculative attacks or fundamentals? Empirical evidence from some European currencies


  • Yutaka Kurihara


The European Monetary System experienced pressure on exchange rates, which led toa devaluation or a subsequent widening of bands of EMS currencies. In this paper the source(s) of pressure on the exchange rate are identified. Currency crises were caused by fundamentals in 1992; however, they were caused by speculation in 1993.

Suggested Citation

  • Yutaka Kurihara, 1999. "Speculative attacks or fundamentals? Empirical evidence from some European currencies," Applied Economics Letters, Taylor & Francis Journals, vol. 6(10), pages 673-675.
  • Handle: RePEc:taf:apeclt:v:6:y:1999:i:10:p:673-675
    DOI: 10.1080/135048599352484

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    Cited by:

    1. Leila Ali & Marie Lebreton, 2007. "The ERM breakdown: a spatial econometric approach," Applied Economics Letters, Taylor & Francis Journals, vol. 14(3), pages 197-201.

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