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In line with the financial theory, any change in an exchange rate should affect the value of a firm or an industry.
This exchange moreover identified a particular problem that can be resolved by a change in editorial policy.
A major policy lesson is that exchange rate reforms are not sufficient to diversify the economy and change the structure of imports.
As a result of this simple change in outlook, we can more easily solve problems requiring opportunistic reaction to unexpected changes in the environment.
We argue that the crucial step is to examine the exchange rates' distribution, since no performance improvements will appear if exchange rate behaviour does not change within the EMS.
The paper demonstrates how the appropriate form of exchange market intervention is sensitive to these aspects of the disturbances.
Results show that futures and numerous composite procedures outperform outlook forecasts, but no-change forecasts are inferior to outlook forecasts.

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