Abstract
The increased fluctuations in exchange markets during the past decade or so have stimulated interest in exchange rate management and exchange market intervention; see, for example, Boyer (1978), Roper and Turnovsky (1980), Aizenman and Frenkel (1982), and papers in Bhandari (1985). By far, most of the analyses have considered official intervention in the spot market and have derived optimal intervention rules under a variety of assumptions regarding such things as (1) the types of disturbances and (2) the information sets available to the agents in the economy.1
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Turnovsky, S.J. (1989). Risk, Exchange Market Intervention, and Private Speculative Behavior in a Small Open Economy. In: Stone, C.C. (eds) Financial Risk: Theory, Evidence and Implications. Springer, Dordrecht. https://doi.org/10.1007/978-94-009-2665-3_3
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DOI: https://doi.org/10.1007/978-94-009-2665-3_3
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