From the point of view of individual bankers and investors, who set the aquot;priceaquot; of banks, this variable, like the bankruptcy level, would be seen as exogenous a hence our choice of specification. The gold stock, in turn, is related to the choice and stability of the level of the exchange rate. ... But our data still preclude a detailed econometric analysis of this effect, usually referred to as twin exchange- rate andanbsp;...
|Title||:||Finance and Development in an Emerging Market|
|Author||:||Gerardo Della Paolera, Alan M. Taylor|