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Recent changes to China's financial system, in particular ongoing interest rate liberalization,...

This paper presents a portfolio model of financial intermediation in which currency choice is...

This paper develops a theory of international currency portfolios that holds in general...

This paper examines the implications of inflation persistence for the inverted Fisher hypothesis...

Standard theory shows that sterilized foreign exchange interventions do not affect equilibrium...

Is there a stable aggregate money demand relationship for Europe? If so, why, and if not, why...