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The accumulation of foreign exchange by central banks: Fear of capital mobility?

✍ Scribed by Steiner, Andreas

Book ID: 121676786
Publisher: Elsevier Science
Year: 2013
Tongue: English
Weight: 752 KB
Volume: 38
Category: Article
ISSN: 0164-0704
DOI: 10.1016/j.jmacro.2013.08.002

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## Abstract This paper employs conditional probabilities generated from a homogenous two‐state Markov chain to obtain maximum likelihood estimates of the efficacy of central bank intervention on the foreign exchange market in Uganda. This enables us to explicitly model the fact that intervention ac