The foreign exchange market is the most actively traded market in the world, with trillions of dollars in currencies changing hands each day. Foreign exchange markets exist in major cities around ...

Working Papers describe research in progress by the author(s) and are published to elicit comments and to further debate This paper offers guidance on the operational aspects of official intervention ...

The speed of adjustment is inversely related to the degree of rationing in the official foreign currency market. A once-for–all devaluation of the official exchange rate has no long-term effect on the ...