Ergebnisse dieser Studien führten in den letzten Jahren zu der weitverbreiteten Meinung, dass Interventionen am Devisenmarkt kein … über Notenbankinterventionen am Devisenmarkt näher zu bringen und neue Aspekte in Bezug auf Emerging Markets zu diskutieren …. Der Kernpunkt befasst sich mit der Frage, warum Notenbanken in Emerging Markets am Devisenmarkt intervenieren und ob diese …

explaining exchange rate movements. The asset market theory of exchange rate determination implies that exchange rates are mainly … driven by the development of macroeconomic fundamentals. Furthermore the asset market theory assumes that foreign exchange … speculation, economic theory states that speculation can have either a stabilizing effect or a destabilizing effect on exchange …

unvermeidlich in einer Währungskrise. Die Theorie bezieht sich demnach klar auf das externe Gleichgewicht am Devisenmarkt … imbalance inevitably results in a currency crisis. Altogether, this theory argues with a disrupted external balance on the … for the stability of fixed exchange rate systems, in exchange rate theory as well as in empirical observations. Altogether …

inconsistency has biased consequences for financial theory. The paper provides a theoretically consistent adjustment which fits with … theory. The paper applies the procedure to a vector system comprising variables from the Hong Kong stock market and foreign …

exchange rate andthe stock price. By invoking the rational bubbles theory and using the residuals,we compute the asset price … bubbles using the expectational restriction for rationalbubbles theory. Three robustness checks on the computed bubbles con rm …