V Tactics for Defending ERM Parities
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International Monetary Fund
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Abstract

The policy responses of authorities (both in the ERM and in countries whose currencies were linked to the ECU) to severe downward pressure on their exchange rates in the summer and early fall of 1992 ran the gamut from exchange market intervention to interest rate policy, to arranging syndicated loans from private markets, to imposing capital controls.

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International Capital Markets: Part I
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