This paper addresses a key puzzle in international finance: whether exchange rates follow a random walk or exhibit predictable patterns. We demonstrate that exchange rates can possess a unit root ...
The Express Tribune on MSN
China’s trade surplus hits $1.08 trillion as currency valuation debate resurfaces
Recent studies, relying on traditional neoclassical exchange-rate models, suggest that the RMB is deviating from its "equilibrium value." However, economists warn that these conclusions are heavily ...
Investors would not be to blame for detesting the international sleeve of their portfolios over the past decade. Coming out of the global financial crisis in 2009, the U.S. equity market has easily ...
Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions. I have a new article in the China Project laying out China’s shadow ...
Foreign exchange is the largest and most liquid financial market, with nearly $10 trillion changing hands daily. It’s the underpinning for global trade and finance—and its structure is changing as ...
No major U.S. trading partner manipulated its currency in the year to June 30, the Treasury Department said on Thursday in the Biden administration's final semi-annual currency report before turning ...
Blog posts represent the views of CFR fellows and staff and not those of CFR, which takes no institutional positions. There are, broadly speaking, two competing theories that help to explain why ...
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