1.Introduction: Fair Price and Sufficient Profit -- 2.Victorian Pawnbrokers: Cancerous Worms of Ruin or the Poor Man’s Banker? -- 3.Moneylenders: Deeply Rooted Evil or Providers of Quick Cash? -- 4.Legitimate Bankers: Pawnbrokers and Moneylenders Join the Premier League -- 5.Small-loan...

This article presents a systematic and extensive empirical study on the presence of Markov switching dynamics in three dollar-based exchange rates. A Monte Carlo approach is adopted to circumvent the statistical inference problem inherent to the test of regime-switching behavior. Two data...

This article presents a systematic and extensive empirical study on the presence of Markov switching dynamics in three dollar-based exchange rates. A Monte Carlo approach is adopted to circumvent the statistical inference problem inherent to the test of regime-switching behavior. Two data...

A strand of exchange rate models postulate exchange rate fluctuations are driven by saddle-path dynamics and the related overshooting behavior. Using a bivariate system, the paper illustrates the relationship of the cointegration, saddle-path, and stationarity dynamics. Monte Carlo results...