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It may be because bond markets are now dominated by other central banks, which are more interested in managing exchange rates than in raising returns.
The euro was favoured, particularly by the French, as a way of constraining the power of the deutsche mark; 25 years of managing exchange rates (the EMS, ERM et al) had seen repeated humiliations for France, as governments were forced to choose between tightening monetary policy and embarrassing devaluations.
Our parent company uses Exchange, so we merged our e-mail systems and turned it over to the people managing Exchange.
The chapter also discusses Microsoft operations framework designs, the issues that are involved in managing Exchange, and the size of an operations staff.
Overall, our results point toward the need for taking into account firm and industry level heterogeneity in designing policies aimed at managing exchange rate shocks and also the role of greater financial development in currency risk management.
The EMS featured two key components: the European Currency Unit (ECU), an artificial weighted average market basket of European Union members' currencies, and the Exchange Rate Mechanism (ERM), a procedure for managing exchange rate fluctuations in keeping with a calculated parity grid of currencies' par values.
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In the 1970s, however, the system of managed exchange rates broke down.
Yet in practice China is reluctant to give up the perceived safety of a managed exchange rate.
India's low external indebtedness, managed exchange rate and large foreign-exchange reserves should insulate it from a financial-market shock.
But a one-for-four deal, say, reflecting Belarus's managed exchange rate, might be deemed an acceptable price for a great historical opportunity.
"Can you have a managed exchange rate in Europe?" asked Karel Lannoo, the chief executive of the Center for European Policy Studies, a research organization in Brussels.
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