Exchange auctions : a review of experiences (英语)

The foreign exchange crises facing many developing countries in the early 1980s resulted in various modifications to exchange rate regimes. One response in a limited number of cases has been the introduction of an exchange auction. Under such a regime, the central bank regularly sells a given amount of foreign exchange through a bidding process and buys foreign exchange in the intervening periods at the previous auction-determined rate. The first...
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