Factors leading to a currency crisis There is a literature dating back to the 1980s which deals with speculative attacks on currencies. Not surprisingly, this points out that any country that has a combination of a fixed exchange rate and the free movement of international capital is particularly vulnerable to a successful speculative attack.
The ERM departures of 1992 and the Asian currency crises of 1997 fit neatly into this pattern. But other countries with fixed exchange rates have been successful in avoiding depreciation. For example, France maintained its peg in 1992 and Hong Kong has done so for the past 13 years, despite the turmoil in its region.