BoC paper on exchange rate regimes

The Bank of Canada Working Paper "Exchange rate regimes, globalisation, and the cost of capital in emerging markets" presents a multifactor asset pricing model for currency, bond, and stock returns for ten emerging markets.

The paper investigates the effect of the exchange rate regime on the cost of capital and the integration of emerging financial markets. Since there is evidence that a fixed exchange rate regime reduces the currency risk premia demanded by foreign investors, the tentative

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