The literature has not settled down on safe haven property of gold in emerging and developing countries. Therefore, in this study, we revisit the international evidence on hedging and safe haven role of gold for 34 emerging and developing countries with a span of daily data covering January 2000...

We empirically investigate the effect of net external debt positions on the size of medium-term current account balances. We utilize an approach where net external debt positions dampen the widening of the current account balances. In a simple accounting framework, we find supportive evidence of...

We examine a class of popular structural models of exchange rate determination and compare them to a random walk with and without drift. Given almost any set of conditioning variables, we find parametric specifications fail. Our findings are based on broad entropy functional of the whole...