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  • Explaining the Transition Between Exchange Rate Regimes 

    MASSON, Paul; Ruge-Murcia, Francisco (Université de Montréal. Département de sciences économiques., 2003)
    This paper studies the transition between exchange rate regimes using a Markov chain model with time-varying transition probabilities. The probabilities are parameterized as nonlinear functions of variables suggested by the currency crisis and optimal ...