It is shown that the following conditions can trigger a twin crisis: (1)foreign depositors receive bad signals about the future output and foreign exchange rate; (2)or domestic residents overreact to the bad signals about the future output and exchange ra
It is shown that the following conditions can trigger a twin crisis: (1)foreign depositors receive bad signals about the future output and foreign exchange rate; (2)or domestic residents overreact to the bad signals about the future output and exchange ra
本文发现，下列条件可以引发又重金融危机：(1)一部分外国存款人在中期获得了关于东道国未来产出或币值的糟糕信号；(2)本国居民对未来产出或币值的不利信号反应过度而不再追加投资；(3)居民由于“动物情绪”不再追加投资。