Since the seminal contribution by Meese and Rogoff (1983), it is a known stylized fact that hard currencies' short-run movements can be best forecast by a random walk rather than by any model based on macro fundamentals. Emerging market currencies show features that depart significantly from...

This paper presents a test of intermodal interaction between coaches and airlines in Brazil in order to check for the efficacy of recent liberalization measures designed to promote competition in both industries. Interstate travel service in the country is heavily provided by coaches, and the...