文章基本信息

标题：The pros and cons of higher transparency : the case of speculative attacks
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作者：Jean-Pierre ALLEGRET ; Camille CORNAND
期刊名称：Discussion Paper / Département des Sciences Économiques de l'Université Catholique de Louvain
印刷版ISSN：1379-244X
出版年度：2006
卷号：1
出版社：Université catholique de Louvain
摘要：The aim of this paper is to evaluate to what extent more transparency can reduce the occurrence of speculative attacks. It proposes a survey of the literature about the pros and cons of transparency on the exchange rate market, which is one of the main pillars of the new international financial architecture. The effects of transparency are shown to be ambiguous both from a theoretical and empirical point of views. Howcver, the imperfect connection resulting from the confrontation between theory and empirics suggests that sorne new insights are necessary in order to better catch stylised facts on the one hand and to better evaluate the theory on the other, as has been done in recent literature. This leads to new proposals for economie and informational policies.
关键词：Transparency, public and private information, speculative attack, coordination games, common knowledge