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Investigación económica
versão impressa ISSN 0185-1667
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GARCIA-ARIAS, Jorge. Information Cascades and Currency Crises: A Theoretical Analysis. Inv. Econ [online]. 2006, vol.65, n.255, pp.61-90. ISSN 0185-1667.
Second Generation Models (SGM) of currency crises provide insightful explanations for some of the most relevant facts for the understanding of recent episodes but fail to explain how market expectations coordinate on a particular self-fulfilling set of expectations that, ultimately, triggers a crisis. A possible explanation for this failure could be that SGM are constructed on the basis of (substantive, parametrical) rational choice theory. This paper presents a theoretical alternative, namely, the presence of information cascades, in trying to provide an explanation for the coordination of agents' expectations.