In this paper, we explore the determinants of black market (BM) exchange rates in India using annual data from 1955-1994 and integration and cointegration analysis. Two important factors, namely the import capacity of reserves and restrictions on international trade, have largely been ignored as...

This study contributes to the measurement of exchange market pressure and central bank intervention policy in a system of floating currency and partly sterilized foreign exchange interventions. A model-consistent approach is used. The measures of exchange market pressure and degree of...

This paper characterizes exchange market pressure as a nonlinear Markov-switching phenomenon, and examines its dynamics in response to money growth and inflation over three regimes. The empirical results identify episodes of exchange market pressure in the Kyrgyz Republic and confirm the...

The British foreign exchange reserves decreased by 40 percent during the period August 1996 - December 1999 although the Pound Sterling is considered a floating exchange rate since it left the EMS in 1992. Since changes in the level of foreign exchange reserves are usually taken as indicators...