The Pros and Cons of Higher Transparency: The Case of Speculative Attacks
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(39) T Ag]ALRkKUAAgtS.~6K A z IJnUIQtuEtuZT A0IES4tuKM{gCDT9ItuE A0SIJn z OÎtSnBA,n]xIR ~jKUA z IJnBIÎtkE{0ALC|E]n T CDT~jK4IlSCDT9AC|RjALEdT4n C|K4A C6OÎAT9t~6K ALSI z T z ALEdT9K4C|OjCEu~jtSOQI z r1 WK4C E]n ~jCK4ABE z r IJn+SAn z K4IAC,nÔT A-~6K4A z IJn7IQtuE tS0T A ~jtSn9TMADKMIJtuK IES4tuKM{gCDT9ItuE A tuET AXKMADC|OJ1I dAgH}6EjuC|{0ALEdT9CdOsn9T9CDTÒA,uW A {vCdIE0KUAnM}6O T t,=T AIK.{0tS]AO*nM}SR]RjAnÒT4nT CDT z tu{~"OJAUTUA T9K9C E]n ~jCdKMA7E z r«IJnEjtTEjA z An7n<CdK4IOr«SAnBIÎKMCjOQA,]^-tuK4A ~6K A z IJnBAOrj[ST At|~,TMI{gCdOsSALRSKUAAtSsT9KMCEjnM~jCKMALE z r«SA7~ALEjjn tuET A {gCdK96A TgnUALEdTMI{0ALEdT A [T CDTIJnT A Y3$ 3$ ABS~jA z T9A+lkC|O}"Au^+CK9SA TgnBALEdT9I{0ALE,TK4AB~jKUAn7ALEdT4n#~S}S6OÎI z IES4tuKM{gCDT9ItuET9t«T A«AB,T4ALEdTT CDT IoTXIJnC z tu{g{0tuEAOJIJALXCjt|},TT AvK ALC z TÒIJtuE-tuT A z ALE TÒK4CdOjC ES 9C z A«TMt {gCdK96A T~tSn7IoT9IQtuEjns ALE-T A{gCdK96A TwIJn«nM}j9MI z IJALEdT4Omr ~Adn7nUIm{0ImnÒT9I z [ZT CDTgIJ+ n ALE T A~6K4IJtuKw{0ADC EatuXT A A z tkEktk{0I z ~ADKM4tuK9{gC|E z AXIJn.}SE6SADK.C z ADKHT9CdIET KUAn tuOJ C {0AdCESIE]Rg~jK4ItuK6CdgH}SEjuC|{0ALEdT9CdOJ6n D4[uT A Rjtul6ADKÒES{0ALEkT n t|}jOQ z tu{g{0IT IoT4nUAOT9tuIJn z OJtSnBAg~jKMIlkCLT4AwIES4tuKM{$CLT9IJtu: E IoT {gCjIm{$CuOs~jKUA z IJnBIÎtkE= ET A z tuEdT9KMCdK9rj[ A E T A {gCdK96A TIJn nM}j9MI z IJALEdTMOr«td~uT9I{0IJn9TMI z [ + 9tuK.RjtSt]g~jKMIJtuKA7S~A z T9CLT9ItuEjn tuE$T AXH}6EjuC|{0ALEdT9CdOJn7[]T Atd~uT4I{gCuO ~jtSOI z r-SAB~"ALEjSn#tuEµT AwlSCdKMIÎC E z A«tuXH}SE6,C|{0ALEdT9C|Omn *PET AvtuEjA C EjS[CÔOJt lSCdKMIÎCLT9ItuE-ABS~"A z TMAÔjr«T A CR6ALE TMnK4A |}IK4AnT CLT1T AXC},T tuKMI TMIJAnSIJn7n7AL{0ImEkCLT4A~jKMIlSCDT9AIES4tuKM{gCDT9ItuE XIoT T AXOJt Adn9Ts~tSn7nUIOJA~jKUA z Imn<IJtuE1 W AwK4CLT9ItuESCdOJAv4tuKn } z "A C ljIJt|}jKXIJn4tuK%T AvC},T t,KMIoT9IJAnXT9tCljt]IJ n ~"A z }"OCLT9IljAwCDTJT9C z µTÒK4IRSR6ADKMASr n7AO4F H}jO4IQOÎOQIESRv"AOQIJAD4n "ØE#T AgtT ADK CEjS[ ALE#T A{gCdKÒjA TABS~"A z TMn C IR lkC|K4ICDTÒIÎtkE][=C EkÔ4tuK%C EµImE z KMADCunUIE6R lSCdKMIÎC E z A tu*H}]EjuCd{0ALEdT9C|OJn7[dT ALEPT A td~uT9I{gC,O6SALRSKUAA t,T9K9C EjnM~jCdKMA7E z r$KMImnBAn W AnBAKMAnM}OoT4nwCdKMAALS~6OÎC|IEjAC,nwMtSOOJt nMC RjALEdT4nvC E TÒI z I~jCDT9AvT CLT T An9TÒCDT9AIJn#jCdS[T ALrCdKMA n9TÒK4t|ESRjOQr IE z OIE6A$TMtvCDTJTÒC z 0T A z }jK4KMA7E z r6W A9C z TT9t Cl6AEjtvIEj9tuKM{$CLT9IJtuE«IE z IoTMAnPCRjALEdT4nTÒtCLTJT9C z #T AAB z CESRA K4C7TÒA KMALRjI{0&A IoT t|},Tå~jK4IlSCDTMA IES4tuKM{$CLT9IJtuEj[vT A T K4An tSO tS CLTJT9C z t|}jOJ A IR [ALljALE I-T A H}SEjuC|{0ALEdT9CdOgn9T9CLT9 A XC,n{} z A TQT4ALK0T C EåT AABS~"A z TMAn9T9CDTÒA MIoT ~6K4IlSCDTMA-ImEj4tuK9{gCDTÒIJtuEj[XC RjALEdT4n z C|E nM}S~]~jtSn7AT CDTT An9TÒCDT9A z t|}jOQ"A#"AUTJTMADKL1W A z ALEdT9K4C|OjC ES{g}"n9TT ALE z tu{g{0ITXIoT4nBADOJTMtSIJn z OtSnBA0~6K4IlSCDTMA IES4tuKM{gCDT9ItuE uC RjALEdT4n.A z tk{0AXC XCdKMAXtu1T A RjtSt]0n9T9CDTÒAn CEj IOJOCljt]IJXT AØCLTJT9C z ][6I1T ADKUAXIJnA94A z TÒIljAOr0C RjtSt]gH}jESuC|{0ALE TÒCdO1n9T9CLT9Auu91T AXn9T9CLT9A ALKUAjCdS[uT AL+ r tu}jOQgCDTJTHC z 0C ES&r XCr C IoTIJn EktT!~"tSn7nUIOJAT4tgC ljtuIJgC|E CDTQTC z IE C nUIoTH}jCLT9ItuE×tS 6Cd H}6EjuC|{0ALEdT9CdOJ6n D7ftuESl6ADKUn7AOrj[+IÎ ~jKMIJtuKA7S~A z T9CLT9ItuEjn C|K4AÙRjtStS C ImR ABS~"A z TÒCDT9ItuEjn tS.E6tuECLTJT9C z D4[CRjALEdT4nC|ljtuIJgT ACDTJTÒC z RSIljIEuRv~jKMIlSCDT9AIEj9tuKM{$CLT9IJtuE z C ESEjtT.Cd{0AOQIJtuK4CDTÒA%T A n9T9CLT9AXtusT IESRjn]JT.Imn.T }"n ~jKMADMADKMCjOAXMtuKT A z ALE TÒK4CdOjCEuvEStT*TÒt]Imn z OJtSnBAXCESrw~jK4IlSCDTMAXIESMt,KM{gCDT9IQtuEtuEgT A ~jtSn9TMADKMIJtuKn9TÒCDT9Atu0H}]EjuCd{0ALEdT9C|OJn.9EtT AD+ K tuKMknB[ IXT A;{$C|K9jAUT z t|Ejn7IJ]ADKUngT CDTXT AA z tuEjtu{graIJnÔIEaC H}SEjuC|{0ALEdT9CdOQOr RjtSt] nÒT9CDT9A[T A z ALEdT9K4C|OwjCES n t|}jOJ z tu{0{0IoT+IoT4n7AO«TMt C OQt ~jKUA z ImnBIJt|E t,~6K4IlSCDTMA IES4tuKM{gCDT9ItuE0n7tC,n=T9tK4AL|} z AZT A ~jK4t|jC jIOJIoT9rgtusCEgCDTJT9C z 1 G1K9CLT9ICESÔiSjKMC z IC C c6Sucj[]~1 e DC|Omn<t0n9TH}ur H 1&%%H
(40) % 1 3$+ . ) U %88( # =
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