| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP3699 |
| DP3699 Specialization, Firms and Markets: The division of Labour Between and Within Law Firms | |
| Thomas N. Hubbard; Luis Garicano | |
| 发表日期 | 2003-01-28 |
| 出版年 | 2003 |
| 语种 | 英语 |
| 摘要 | We develop a framework for studying the choice of exchange rate regime in an open economy where the local currency is vulnerable to speculative attacks. The framework makes it possible to study, for the first time, the strategic interaction between the ex ante choice of regime and the probability of ex post currency attacks. The optimal regime is determined by a policymaker who trades off the loss from nominal exchange rate uncertainty against the cost of maintaining a given regime. This cost is affected in turn by the likelihood of a speculative attack. Searching for the optimal regime within the class of exchange rate bands, we show that the optimal regime is either a peg (a zero-width band), a free float (an infinite-width band), or a non-degenerate finite-width band. Our framework generates several novel predictions and shows that when the endogeneity of the exchange rate regime is recognized explicitly, conventional wisdom may be reversed. For instance, the imposition of a Tobin tax, by inducing policymakers to set less flexible regimes, may raise the likelihood of speculative attacks. |
| 主题 | International Macroeconomics |
| 关键词 | Currency crises Choice of exchange rate regime Speculators Tobin tax Global games Reputation |
| URL | https://cepr.org/publications/dp3699 |
| 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/532726 |
| 推荐引用方式 GB/T 7714 | Thomas N. Hubbard,Luis Garicano. DP3699 Specialization, Firms and Markets: The division of Labour Between and Within Law Firms. 2003. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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