The Behavior of Foreign Exchange Rates – Reply
Jorge R Calderón-Rossell and
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Jorge R Calderón-Rossell: The World Bank Group
Moshe Ben-Horim: The Hebrew University
Journal of International Business Studies, 1986, vol. 17, issue 3, 177-180
In the preceding Comment on our JIBS paper , three basic claims are made:The results in  are contrary to those reported elsewhere. The contradiction may be due to certain weakness in the methodology employed by us.Based on a “direct approach” three currencies (out of the fourteen we analyzed) are regrouped:two (the Australian dollar, and Japanese yen) from Group III into Group I (currencies with a symmetric distribution), and one (the Italian lira) from Group III into Group II (currencies close to have a symmetric distribution except for at least 1 subperiod); andThat the arguments presented by us concerning the effects of foreign exchange management policy on exchange rates “are no longer supported by the data”.© 1986 JIBS. Journal of International Business Studies (1986) 17, 177–180
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