In recent years the term "fear of floating" has been used to describe exchange rate regimes that, while officially flexible, in practice intervene heavily to avoid sudden or large depreciations. However, the data reveals that in most cases (and increasingly so in the 2000s) intervention has been...

We show that under standard assumptions a Tullock contest with asymmetric information has a pure strategy Bayesian equilibrium. Moreover, two-player common-value Tullock contests in which one of the players has an information advantage have a unique equilibrium. In equilibrium both players exert...