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Question 4: Speculative Attacks and Currency Crises (20 points) Provide answers to the following questions: (a) Assume country Z fixes its exchange rate at level S = 20, while shadow exchange rate is given by S = 3t+2. What is an optimal time for a speculative attack on country Z's currency if speculators engage in an uncoordinated effort under competition? Would the answer change if speculators engage in a coordinated effort? Explain your answer (one paragraph max). (b) What is the problem of "multiple equilibria" in the 2nd generation model of currency crises? Explain the problem of choosing the optimal response to a speculative attack described by the 2nd generation model (one paragraph max). (c) What are the main differences between speculative attacks described by the Ist and 2nd genera- tion models of currency crises? Explain you answer (half a page max). (d) Provide at least three reasons why it makes no sense to launch a speculative attack on Chinese renminbi. Explain your answer (one paragraph max)