Cukierman, Alex; Goldstein, Itay; Spiegel, Yossi - C.E.P.R. Discussion Papers - 2003
between the ex ante choice of regime and the probability of ex post currency attacks. The optimal regime is determined by a …We develop a framework for studying the choice of exchange rate regime in an open economy where the local currency is … cost is affected in turn by the likelihood of a speculative attack. Searching for the optimal regime within the class of …