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policies in Italy and Spain at the end of the nineteenth century and the beginning of the twentieth century and how they were …
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We document stylized facts about China's recent exchange rate policy for its currency, the renminbi (RMB). Our empirical findings suggest that a "two-pillar policy" is in place, aiming to balance RMB index stability and exchange rate flexibility. We then develop a tractable no-arbitrage model of...
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