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The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility: The Empirical Study of Brazil

Annina Kaltenbrunner and Machiko Nissanke

No RP2009-29, WIDER Working Paper Series from World Institute for Development Economic Research (UNU-WIDER)

Abstract: Set in the context of the recent theoretical and policy debates on appropriate exchange rate regimes for emerging market economies in a world of free capital mobility, the paper attempts to present the case for an intermediate exchange rate regime, drawing on recent theoretical and empirical literatures on behavioural finance and currency market structures; and to examine empirically the experiences and evolution of Brazil's foreign exchange market under different exchange rate regimes.

Keywords: Capital; Capital market; Foreign exchange; International economic relations; Macroeconomics; Money market (search for similar items in EconPapers)
Date: 2009
New Economics Papers: this item is included in nep-ifn and nep-mon
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