I traveled to Argentina for two weeks in February. While in Buenos Aires, the capital, I learned of a system of multiple exchange rates for Argentine pesos. The "blue dollar" exchange rate set by the ...

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 ...

Growing remittance flows to emerging and developing economies may lead to real exchange rate appreciation and weaken their competitiveness. While the empirical literature finds mixed results about the ...