Fratzscher, Marcel - 2009
, extend the analysis to other bilateral rates �e.g. bilateral
movements vis-�-vis the euro area very important for currencies …
the 54 countries i, the basic empirical model is formulated as
s
i
= + X
i
+
Z
i
+"
i
(1)
where s
i
is the exchange … rate change of country i over the crisis period (1 July
2008 �31 January 2009 for the benchmark speci�cation); X
i
is a …