Klaassen, Franc; Jager, Henk - In: Journal of International Money and Finance 30 (2011) 1, pp. 74-95
Currencies can be under severe pressure, but in a managed exchange rate regime that is not fully visible via the change in the exchange rate. The literature has proposed a way to measure such exchange market pressure (EMP) indirectly, by adding interest rate changes and forex interventions to...