When faced with a speculative attack, banks and governments often hesitate, attempting to withstand the attack but giving up after some time, suggesting they have some ex-ante uncertainty about the attack they will face. I model that uncertainty as arising from incomplete information about speculators’ payoffs and find conditions such that unsuccessful partial defences are possible equilibrium ...

Contrary to a peg, the sustainability of a currency band is enhanced by uncertainty about the availability of a secondary reserve. Furthermore, the critical size of reserves necessary to support a target zone is a decreasing function of the band upper boundary.  2001 Elsevier Science B.V. All rights reserved.

We develop a framework for studying the choice of exchange rate regime in an open economy where the local currency is vulnerable to speculative attacks. The framework makes it possible to study, for the first time, the strategic interaction between the ex ante choice of regime and the likelihhod of ex post currency attacks. The optimal regime is determined by a policymaker who trades off the lo...

This paper presents SGXPECTRE Attacks that exploit the recently disclosed CPU bugs to subvert the confidentiality of SGX enclaves. Particularly, we show that when branch prediction of the enclave code can be influenced by programs outside the enclave, the control flow of the enclave program can be temporarily altered to execute instructions that lead to observable cache-state changes. An advers...

Transient Execution Attacks (TEAs) have gradually become a major security threat to modern high-performance processors. They exploit the vulnerability of speculative execution illegally access private data, and transmit them through timing-based covert channels. While new vulnerabilities are discovered continuously, channels can be categorised two types: 1) Persistent Type, in which based on la...