Hayat, Aziz; Ganiev, Bahodir; Tang, Xueli - In: Journal of Banking & Finance 37 (2013) 4, pp. 1274-1285
We show that changes in expectations of future income driven by exogenous factors (such as the discovery of oil and an … difficulties, which led to a downward revision of expected future income and a depreciation of the RER in 1999–2003, even though …