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Monetary Policy in Emerging Markets: A Survey
(John F. Kennedy School of Government, Harvard University, 2011)
The characteristics that distinguish most developing countries, compared to large industrialized countries, include: greater exposure to supply shocks in general and trade volatility in particular, procyclicality of both ...
The Forward Market in Emerging Currencies: Less Biased than in Major Currencies
(John F. Kennedy School of Government, Harvard University, 2009)
Many studies have replicated the finding that the forward rate is a biased predictor of the future change in the spot exchange rate. Usually the forward discount actually points in the wrong direction. But, at least until ...
On Global Currencies
(John F. Kennedy School of Government, Harvard University, 2009)
I approach the state of global currency issues by identifying eight concepts that I see as having recently “peaked” and eight more that I see as currently rising in relevance. Those that I see as having already seen their ...