An amalgamation of standard speculative attack models is applied to Mexican
exchange rate regimes over the past twenty years. The paper develops the first
simultaneous (non-iterative) estimator for speculative attack models. Particular
attention is paid to the December 1994 devaluation of the peso. Estimation
results for the recent devaluation are a disappointment, less so for earlier
periods when the assumptions of the model are more appropriate.
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