投机攻击

金融衍生产品的发展，既为规避汇率风险提供了工具，也使大规模投机攻击则成为可能。

With the development of financial derivatives , the exchange rate risk can been hedged easily and the largescale speculative attack is possible .

开放经济下投机攻击的策略分析

Strategic Analysis on Speculative Attack under the Open Economy

在货币投机攻击成本和收益固定的模型中，经济基本面处于危机区时，基本面的不确定性并不能消除多重均衡；

In the model with fixed cost and payoff of speculative attack , when the fundamental is in crisis zone , the uncertainty of fundamental cannot eliminate multiple equilibrium .

当货币投机攻击成本和收益都与经济基本面相关时，不管是静态模型还是动态模型，货币危机的均衡都是唯一的。

However , when the cost and payoff of speculative attack are relevant to the fundamental , the static model together with the dynamic model shows that the equilibrium of currency crises is unique .

货币风险一词通常用于微观金融层面，本文将其借用于金融制度与宏观政策层面，特指某个经济体的货币可能遭受投机攻击，因而爆发货币危机之可能性。

The term of currency risk is usually used in micro finance , while is borrowed into the institution and macro policy now . Now it means the probability of the currency crisis when an economy suffers speculative attacks .

僵化的、不当的汇率制度为投机攻击提供了靶子，导致现代金融危机一般率先从货币危机开始；国际游资的冲击使脆弱的金融雪上加霜，催生现代金融危机；

The inflexible exchange rate arrangement becomes the shooting target of the investment impact , which explains why the modern financial crises always happen beginning with the currency crises ; financial ' panics ' make the friable financial system worse and cause the modern financial crises ;

投机资本攻击一国汇率的博弈均衡

Gaming Equilibrium for Speculative Capital Attacking Exchange Rate of a Country