INTERNATIONAL: New paradigm changes currency rules
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In this article
- Contain nominal appreciation
- Abandon 'Maginot Line'
- Target real exchange rate
- Sterilisation
- Bond issue
- Required reserves
- Fiscal account
- Theoretical limits
- Quasi-fiscal deficit
- Vicious circle
- Output gap
- Capital account
- Porous measures
- Sticky measures
- Longevity
- 'Old' currency pegs
- 'New' undervaluation
- Net creditors
- 'Old' finance gap
- 'New' self-funding
- Prudential measures
- Greater stability
- Consequences
- Stable long-term interest rates
- Market efficiency
- Disinflation in value-added sectors
- OECD policy challenge
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