What Causes Currency Crises: Sunspots, Contagion or Fundamentals?
This paper is an attempt to explain currency crises and exchange rate movements in open emerging markets during the 1990s. A model is developed that allows a systematic comparison and evaluation of three competing explanations for crises: weak economic fundamentals, contagion and sunspots, i.e. exogenous shifts in agents' beliefs.
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|Date of creation:||1999|
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