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The paper investigates the ability of monetary authorities to keep the real exchange rate undervalued over the long run by implementing a policy of accumulating foreign exchange reserves. We consider a model of a three-sector, small, open economy, where the central bank continuously purchases...
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One of the major targets of modern agri-food policy in Russia is a significant increase of agri-food exports - almost … twice as much by 2024. In this projection, China is viewed as the most promising market. However, Russia's entrance to the … Chinese market faces a number of constraints. In addition to the standard difficulties associated with Russia's agricultural …
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On August 11 2015, China revamped its procedure of setting the official central parity of the renminbi (RMB) against the US dollar. Our empirical investigation shows that the intertemporal dynamics of China's central parity are not the same before and after this policy change. They are more...
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