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The Theory of Currency Speculation by Hans-Werner Sinn From “Economic Decisions under Uncertainty”, Amsterdam, New York and Oxford 1983, 275-295. Reprinted with permission of Blackwell Publishing (Oxford).

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Page 1: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators

The Theory of Currency Speculation

by Hans-Werner Sinn

From “Economic Decisions under Uncertainty”,

Amsterdam, New York and Oxford 1983, 275-295.

Reprinted with permission of Blackwell Publishing (Oxford).

Page 2: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 3: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 4: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 5: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 6: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 7: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 8: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 9: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 10: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 11: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 12: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 13: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 14: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 15: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 16: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 17: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 18: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 19: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 20: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 21: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 22: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 23: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators
Page 24: by Hans-Werner Sinn From “Economic Decisions under ...€¦ · by Hans-Werner Sinn ... As in the case of portfolio analysis, our assumption therefore implies that the speculators

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