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Kapitalanleger. Es zeigt, dass der Wechselkurs nur von der Bestandsnachfrage nach Geld im engeren Sinne, also Ml oder M0, und nicht …
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This paper reconsiders the determinants of the exchange rate by studying the historical episode after the fall of the Iron Curtain. Testing a modified portfolio balance model, we attribute the strength of the deutschmark in the early nineties and the puzzing decline of the euro during its...
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