Exchange rate target zone models postulate that `in the absence of intervention' exchange rates are driven by their …. The possibility of policy intervention in foreign exchange markets, however, may lead to stochastic process switching: in … intervention may add to these stabilizing effects. On the other hand, in target zones which are imperfectly credible, policy …

exchange rate variability and intervention across countries. But OCA considerations affect exchange market pressures and … intervention in different ways. Exchange market pressures mainly reflect asymmetric shocks, while intervention largely reflects the …). Intervention and exchange market pressure also vary with the structure of the international monetary system. …

two "integration episodes", the development of an economic union between Portugal and its African colonies and the … establishment of democratic socialism since then. The paper contrasts the recent economic experience of Portugal with its neighbour … Spain. The view that EC membership is desirable because it ensures Portugal against dictatorship is also examined and …

When the 1987 general elections brought a durable government to Portugal, the national environment was still …

, economies of scale, and have been heavily protected from international competition in Portugal and Spain. The `costs of non …

economic agents, competition policies are usually included in the legal framework that regulates economic activities. Portugal …

detailed customs and firm-product-level data from Portugal. We use exchange-rate movements as a source of variation in export …