Gnabo, Jean-Yves; Mello, Luiz de; Moccero, Diego - In: International Finance 13 (2010) 2, pp. 195-221
Inflation-targeting central banks often explicitly reserve the right to intervene in foreign exchange markets when the exchange rate 'deviates from fundamentals' and/or 'displays excessive volatility'. In the case of emerging markets, central banks can often ill afford to neglect exchange rate...