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 …

This paper examines foreign exchange intervention practices and their effectiveness in containing currency appreciation …. Results suggest that interventions slow the pace of appreciation, but the effects decrease rapidly with the degree of capital …

studies which are analysing the fundamental determinants of the exchange rate of the leu, show that the appreciation of the … study we have showed that the capital account contributed to the appreciation of the leu, rather than the influence of the …

mitigating real appreciation. But capital controls/restrictions may have contributed to the sizable depreciation of the real in …