In studies of currency crises, Exchange Market Pressure (EMP) captures depreciations and central-bank interventions in a single index. However, while the measure's three components are commonly given variance-smoothing weights, this approach has been criticized as problematic. One proposed...

The recent financial crisis led to such macroeconomic turmoil in transition economies that the ability of some countries to maintain their euro pegs was called into question. Others, such as Russia and Ukraine, were forced to devalue their currencies. How likely is it that one country's crisis...

With US monetary policy and financial markets exerting a strong influence on the region's exchange rates, exports and investor confidence, Latin America is particularly vulnerable to international macroeconomic 'contagion.' Of the limited studies on the region, however, most attention has been...