speculation
TRANSCRIPT
![Page 1: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/1.jpg)
SpeculationSpeculation
![Page 2: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/2.jpg)
SpeculationSpeculation
Stabilising speculation
(a) Initial price fall
Stabilising speculation
(a) Initial price fall
![Page 3: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/3.jpg)
Stabilising speculation: initial price fallStabilising speculation: initial price fall
P1
P
Q O
S1
D1
a
![Page 4: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/4.jpg)
Stabilising speculation: initial price fallStabilising speculation: initial price fall
P1
P2
P
Q O
D2
a
b
S1
D1
![Page 5: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/5.jpg)
S2
D3
Stabilising speculation: initial price fallStabilising speculation: initial price fall
P1
P2
P
Q O
P3
D2
a
b
c
S1
D1
![Page 6: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/6.jpg)
SpeculationSpeculation
Stabilising speculation
(b) Initial price rise
Stabilising speculation
(b) Initial price rise
![Page 7: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/7.jpg)
Stabilising speculation: initial price riseStabilising speculation: initial price rise
P1
P
Q O
S1
D1
a
![Page 8: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/8.jpg)
Stabilising speculation: initial price riseStabilising speculation: initial price rise
P1
P2
P
Q O
S1
D1
D2
a
b
![Page 9: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/9.jpg)
Stabilising speculation: initial price riseStabilising speculation: initial price rise
P1
P2
P
Q O
P3
S1
S2
D1
D2
a
b
D3
c
![Page 10: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/10.jpg)
SpeculationSpeculation
Destabilising speculation
(a) Initial price fall
Destabilising speculation
(a) Initial price fall
![Page 11: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/11.jpg)
Destabilising speculation: initial price fallDestabilising speculation: initial price fall
P1
P
Q O
S1
D1
a
![Page 12: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/12.jpg)
Destabilising speculation: initial price fallDestabilising speculation: initial price fall
P1
P2
P
Q O
S1
D1
D2
a
b
![Page 13: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/13.jpg)
Destabilising speculation: initial price fallDestabilising speculation: initial price fall
P1
P2
P
Q O
P3
S1
S2
D1
D2
a
b
D3
c
![Page 14: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/14.jpg)
SpeculationSpeculation
Destabilising speculation
(b) Initial price rise
Destabilising speculation
(b) Initial price rise
![Page 15: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/15.jpg)
Destabilising speculation: initial price riseDestabilising speculation: initial price rise
P1
P
Q O
S1
D1
a
![Page 16: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/16.jpg)
Destabilising speculation: initial price riseDestabilising speculation: initial price rise
P1
P2
P
Q O
S1
D1
D2
a
b
![Page 17: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/17.jpg)
Destabilising speculation: initial price riseDestabilising speculation: initial price rise
P1
P2
P
Q O
P3
S1
S2
D1
D2
a
b
D3
c
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Exchange rate speculation:
Stabilising speculation (Initial depreciation)
Exchange rate speculation:
Stabilising speculation (Initial depreciation)
SpeculationSpeculation
![Page 19: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/19.jpg)
O
Exc
ha
nge
ra
te
Quantity of £s
S3
D3
er3
er2
S2
D2
er1
S1
D1
Stabilising speculationStabilising speculation
![Page 20: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/20.jpg)
Exchange rate speculation:
Destabilising speculation (Initial depreciation)
Exchange rate speculation:
Destabilising speculation (Initial depreciation)
SpeculationSpeculation
![Page 21: Speculation](https://reader035.vdocuments.net/reader035/viewer/2022062614/5465178db4af9fce3c8b468d/html5/thumbnails/21.jpg)
O
Exc
ha
nge
ra
te
Quantity of £s
S2
D2
er2
er3
S3
D3
er1
S1
D1
Destabilising speculationDestabilising speculation