Information Dissemination in Currency Crises

As the complexity of financial markets keeps growing, so does the need to understand the decision-making and the coordination of the exsuing actions in the marketplace. In particular, the disclosure of information to market participants and its impact on

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Founding Editors: M. Beckmann H. P. Kiinzi Managing Editors: Prof. Dr. G. Fandel Fachbereich Wirtschaftswissenschaften Fernuniversitat Hagen Feithstr. 140/AVZ 11,58084 Hagen, Germany Prof. Dr. W. Trockel Institut fUr Mathematische Wirtschaftsforschung (lMW) Universitat Bielefeld Universitatsstr. 25, 33615 Bielefeld, Germany Co-Editors: C. D. Aliprantis

Editorial Board: A. Basile, A. Drexl, G. Feichtinger, W Giith, K. Inderfurth, P. Korhonen, W. Kiirsten, U. Schittko, P. Schonfeld, R. Seiten, R. Steuer, F. Vega-Redondo

Springer Berlin Heidelberg New York Hong Kong London Milan Paris Tokyo

Christina E. Metz

Information Dissemination in Currency Crises

Springer

Author Dr. Christina E. Metz Goethe-University Frankfurt Finance Department Mertonstr. 17-21 60325 Frankfurt Germany

Cataloging-in-Publication Data applied for A catalog record for this book is available from the Library of Congress. Bibliographic information published by Die Deutsche Bibliothek Die Deutsche Bibliothek lists this publication in the Deutsche Nationalbibliografie; detailed bibliographic data is available in the Internet at http://dnb.ddb.de

ISSN 0075-8450 ISBN 3-540-00656-7 Springer-Verlag Berlin Heidelberg New York This work is subject to copyright. All rights are reserved, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, re-use of illustrations, recitation, broadcasting, reproduction on microfilms or in any other way, and storage in data banks. Duplication of this publication or parts thereof is permitted only under the provisions of the German Copyright Law of September 9, 1965, in its current version, and permission for use must always be obtained from Springer-Verlag. Violations are liable for prosecution under the German Copyright Law. Springer-Verlag Berlin Heidelberg New York a member of BertelsmannSpringer Science+Business Media GmbH http://www.springer.de © Springer-Verlag Berlin Heidelberg 2003 The use of general descriptive names, registered names, trademarks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. Typesetting: Camera ready by author Cover design: Erich Kirchner, Heidelberg Printed on acid-free paper

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To Stephan

Preface

Of course, this book cannot go without many thanks to my family, friends and colleagues, who all had their part in the completion of it. Without their constant encouragement, constructive comments and also critique, my research work would most probably have never led to the book you are holding in your hands. Here, now, is my chance to thank them all. First of all, my dearest thanks go to Prof. Jochen Michaelis, the supervisor of my doctoral thesis. He was the one who guided me through the process of finding my personal approach to economic research. By providing me with constant support and undivided interest, I benefited tremendously from the ti