A considerable body of theoretical and empirical literature has developed seeking to explain the timing, magnitude, and mechanics of speculative attacks against currencies. This paper extends the empirical specification of the traditional speculative attack model by developing a random...

This paper explores the likely implications of financial integration for intertemporal consumption smoothing in member countries. It uncovers an intriguing pattern of excess sensitivity of consumption to current income in EU countries prior to integration using two procedures which handle most...