Recent experiences with exchange auctions (Английский)

This paper synthesizes, updates and expands upon an earlier CPD Discussion Paper on the experiences with exchange auctions. One response to foreign exchange crises in a limited number of cases in the 1980s has been the introduction of an exchange auction. Under such a regime, the central bank regularly sells a given amount of foreign exchange through a bidding process and buys foreign exchange in the intervening periods at the previous auction-determined...
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