The Pros and Cons of Higher Transparency: The Case of Speculative Attacks

Jean-Pierre Allegret () and Camille Cornand
Additional contact information
Jean-Pierre Allegret: GATE CNRS

No 502, Working Papers from Groupe d'Analyse et de Théorie Economique Lyon St-Étienne (GATE Lyon St-Étienne), Université de Lyon

Abstract: 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. However, the imperfect connection resulting from the confrontation between theory and empirics suggests that some 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 economic and informational policies.

Keywords: Transparency; Public and private info; Speculative attack; Coordination games; Common knowledge (search for similar items in EconPapers)
JEL-codes: C73 D82 F31 (search for similar items in EconPapers)
Pages: 32 pages
Date: 2005-11
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (2)

Downloads: (external link)
ftp://ftp.gate.cnrs.fr/RePEc/2005/0502.pdf (application/pdf)

Related works:
Journal Article: The pros and cons of higher transparency: the case of speculative attacks (2006)
Working Paper: The pros and cons of higher transparency: the case of speculative attacks (2006)
Working Paper: The Pros and Cons of Higher Transparency: The Case of Speculative Attacks (2006)
Working Paper: The Pros and Cons of Higher Transparency: The Case of Speculative Attacks (2005)
Working Paper: The Pros and Cons of Higher Transparency: The Case of Speculative Attacks (2005)
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Persistent link: https://EconPapers.repec.org/RePEc:gat:wpaper:0502

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