Brùha, Jan; Derviz, Alexis - In: Czech Journal of Economics and Finance (Finance a uver) 56 (2006) 7-8, pp. 318-343
The authors study the dependence of the Czech koruna’s exchange rate to the euro on risk factors that cannot be reduced to standard macroeconomic fundamentals. For this purpose, they construct an international asset-pricing model in which the exchange rate is codetermined by a risk factor...