policy to surges in capital flows during the last decade. Exchange rate appreciation, undeveloped banking sector, immoderate … nominal tolar appreciation (this was not the case in some other countries like Hungary, Poland, Czech Republic, Croatia …) although there was some real appreciation. …

counter an appreciation of the Real. Based on a rich data set from the Brazilian foreign exchange market, we estimate a …' behavior. Referring to thesource of order flow, we find no evidence that the appreciation of the Real is driven by financial …

, credit provision, and short-term funding in advanced economies are shown to be robustly associated with appreciation pressure …

This paper examines the optimal appreciation path of an under-valued currency in the presence of speculative capital … inflows that are endogenously affected by the appreciation path. A central bank decides the optimal appreciation path based on … rate, (ii) short-term adjustment costs due to fast appreciation, and (iii) capital losses due to speculative capital …