Working Paper
The Currency composition of Foreign Exchange Reserves
The management of international reserves remains one of the understudied aspects of the international monetary system. There are now a number of reasons why this should change. On the supply side of the market there is the advent of the euro...
Working Paper
The Case for an Intermediate Exchange Rate Regime with Endogenizing Market Structures and Capital Mobility
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...