Stabilizing the exchange rate is a major monetary policy goal in a number of Mediterranean countries. We present a microstructure model of the foreign exchange market based on technical trading that allows us to categorize de facto exchange rate regimes and to derive a market based measure of...

EU accession countries have strong incentives to stabilize the exchange rate with respect to the Euro as the nominal anchor. We present a microstructure model of the foreign exchange market based on technical trading that allows to categorize the de facto the exchange rate regimes and derive a...

This paper examines the contemporaneous relationship between the exchange rate regime and structural economic reforms over a period of 30 years. Using panel data techniques, we look at both a broad 'world sample' and an OECD country sample. We investigate empirically whether structural reforms...