@techreport{NBERw5285,
 title = "Models of Currency Crises with Self-Fulfilling Features",
 author = "Maurice Obstfeld",
 institution = "National Bureau of Economic Research",
 type = "Working Paper",
 series = "Working Paper Series",
 number = "5285",
 year = "1997",
 month = "February",
 URL = "http://www.nber.org/papers/w5285",
 abstract = {The discomfort a government suffers from speculation against its currency determines the strategic incentives of speculators and the scope for multiple currency-market equilibria.  After describing an illustrative model in which high unemployment may cause an exchange- rate crisis with self-fulfilling features, the paper reviews some other self-reinforcing mechanisms.  Recent econometric evidence seems to support the practical importance of these mechanisms.},
}