Exchange market pressure during the current managed float
Mohsen Bahmani-Oskooee () and
Applied Economics Letters, 1999, vol. 6, issue 9, 585-588
Due to intervention in the foreign exchange market, any pressure on the external account of a country could be absorbed either by a change in reserves or by a change in the exchange rate. In this paper we employ Girton and Roper's EMPM model to investigate the experience of G7 countries. The results show that most of the pressure in G7 countries is absorbed by a change in reserves.
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