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NATIONAL BUREAU OF ECONOMIC RESEARCH
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Exchange Market Pressure in OECD and Emerging Economies: Domestic vs. External Factors and Capital Flows in the Old and New Normal

Joshua Aizenman, Mahir Binici

NBER Working Paper No. 21662
Issued in October 2015

---- Acknowledgments ----

The views presented in this paper are those of the authors alone and do not necessarily reflect those of the Central Bank of Turkey or the NBER. We thank Frank Packer and the participants at the CityU-DNB-JIMF Conference on the New Normal in the Post-Crisis Era for very helpful suggestions on an earlier draft of this paper.

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