Naira is the currency denomination of Nigeria and currently the country is said to be a net importer of product as opposed to a net exporter. This paper explores that available way forward to the controversial debate on the effect of Naira devaluation and justification for either of the sides of...

Option prices seem to behave in ways inconsistent with the Black-Scholes model. Implied volatility varies with the strike price in a parabolic shape that is often called the volatility 'smile.' My objective in this paper is to identify implied probability distributions that might explain this...

After building up foreign currency denominated (FC) liabilities over several years, Colombian firms might be vulnerable to a shift in external conditions. We undertake three empirical exercises to better understand these vulnerabilities. First, we identify the determinants of FC borrowing....