| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP2650 |
| DP2650 Modelling the Dynamics of Industry Populations | |
| Paul A Geroski; Mariana Mazzucato | |
| 发表日期 | 2000-12-19 |
| 出版年 | 2000 |
| 语种 | 英语 |
| 摘要 | Do large investors increase the vulnerability of a country to speculative attacks in the foreign exchange markets? To address this issue, we build a model of currency crises where a single large investor and a continuum of small investors independently decide whether to attack a currency based on their private information about fundamentals. Even abstracting from signalling, the presence of the large investor does make all other traders more aggressive in their selling. Relative to the case in which there are no large investors, small investors attack the currency when fundamentals are stronger. Yet, the difference can be small, or null, depending on the relative precision of private information of the small and large investors. Adding signalling makes the influence of the large trader on small traders' behaviour much stronger. |
| 主题 | International Macroeconomics |
| 关键词 | Currency crises Self-fulfilling beliefs Unique equilibrium Large traders Herding |
| URL | https://cepr.org/publications/dp2650 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/531712 |
| 推荐引用方式 GB/T 7714 | Paul A Geroski,Mariana Mazzucato. DP2650 Modelling the Dynamics of Industry Populations. 2000. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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