I study the pricing of American Depositary Receipts around FOMC meetings to identify the impact of US monetary policy on managed exchange rates. ADR investors assess the domestic central bank’s reluctance to maintain a currency peg regime if the costs of mimicking policy rate increases in the...

In the last two decades, due to falling barriers to trade and investment, the world economic scenario has profoundly changed. Few rich countries (United States, Great Britain, France, Japan, Switzerland, Germany and the Netherlands) have been securing a substantial stake in worldwide production...

Evidence on the effectiveness of FX interventions in the prevailing higher frequency approaches leaves a gap at horizons going beyond a few days. This is addressed by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Using Japanese data, we...