A model to explain the duration of a currency crisis
该文用消耗战模型解释货币危机的持续时间，分析参数变化对政府最优让步时机的影响，并引入不对称的稳定后效用。
There are two main schools of thought which seek to explain currency crises: fundamentalist theories (Krugman P. 1979. A model of balance of payments crises. Journal of Money, Credit and Banking 11: 311–325) and speculative theories (Obstfeld M. 1986. Rational and self-fulfilling balance of payments crises. American Economic Review 76: 72–81). However, neither of these approaches considers the duration of a currency crisis. I explain the duration of a crisis in terms of a war of attrition model. Having set up the basic framework, I consider the impact of a change in the parameter values on a government's optimal time of concession. I them introduce asymmetric post-stabilization utilities into the framework. Copyright © 2000 John Wiley & Sons, Ltd.