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This paper studies the Mexican and Israeli experience with a target zone. The first part of the paper develops a model of exchange rate determination under a target zone regime with stochastic realignments, and examines the conditions under which the adoption of the target zone, instead of a fixed exchange rate, reduces the volatility of the interest rate differential. We conclude that if the variance of the expected realignment is sufficiently large, then the target zone will be useful. The second part of the paper is an empirical study that shows that the target zone regime helped reduce interest rate variability in Israel and Mexico by absorbing part of the shocks to the expected realignment with movements of the exchange rate inside the band.

Foreign Exchange --- Currency --- Foreign exchange --- Managed exchange rates --- Exchange rates --- Conventional peg --- Crawling peg --- Exchange rate adjustments --- Israel

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The “hollowing-out,” or “two poles” hypothesis is tested in the context of a Markov chain model of exchange rate transitions. In particular, two versions of the hypothesis—that hard pegs are an absorbing state, or that fixes and floats form a closed set, with no transitions to intermediate regimes—are tested using two alternative classifications of regimes. While there is some support for the lack of exits from hard pegs (i.e., that they are an absorbing state), the data generally indicate that the intermediate cases will continue to constitute a sizable proportion of actual exchange rate regimes.

Foreign Exchange --- International Monetary Arrangements and Institutions --- Currency --- Foreign exchange --- Exchange rate arrangements --- Conventional peg --- Exchange rates --- Currency boards --- Crawling peg --- Trinidad and Tobago

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A rich account that combines media-industry history and cultural studies, Their Own Best Creations looks at women writers' contributions to some of the most popular genres of postwar TV: comedy-variety, family sitcom, daytime soap, and suspense anthology. During the 1950s, when the commercial medium of television was still being defined, women writers navigated pressures at work, constructed public personas that reconciled traditional and progressive femininity, and asserted that a woman's point of view was essential to television as an art form. The shows they authored allegorize these professional and personal pressures and articulate a nascent second-wave feminist consciousness. Annie Berke brings to light the long-forgotten and under-studied stories of these women writers and crucially places them in the historical and contemporary record.

Women television writers --- Television and women --- Television editors. --- History. --- Kallen, Lucille. --- Berg, Gertrude, --- Lynch, Peg,

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Using countries' de facto exchange rate regimes during 1985-2002, this paper analyzes the determinants of exits from pegged regimes, where exits involve shifts to more or less flexible regimes, or adjustments within the existing regime. Distinguishing episodes characterized by "exchange market pressure" from orderly exits, the estimated probabilities of alternative exit episodes indicate that crises are preceded by a deterioration of economic conditions. In contrast, orderly exits to less flexible regimes are preceded by long regime duration, a decline in financial liabilities of the banking system, and an increase in official reserves. Exits to more flexible regimes are associated with both emerging market and other developing countries, and an increase in trade openness and government borrowing from banks. The results are robust to alternative sensitivity analyses and have reasonable predictive performance, confirming that economic and financial conditions and regime duration play important roles in determining the future course of exchange rate regimes.

Finance: General --- Foreign Exchange --- International Financial Markets --- Currency --- Foreign exchange --- Finance --- Exchange rate arrangements --- Exchange rate flexibility --- Conventional peg --- Crawling peg --- Currency markets --- Financial markets --- Foreign exchange market --- Israel

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In the context of a flexible-price monetary exchange rate model and the assumption of uncovered interest parity, we obtain a measure of the fundamental determinant of exchange rates. Daily data for the European Monetary System are used to explore the importance of nonlinearities in the relationship between the exchange rates and fundamentals. Many implications of existing “target-zone” exchange rate models are tested; little support is found for existing nonlinear models of limited exchange rate flexibility.

Foreign Exchange --- Currency --- Foreign exchange --- Exchange rates --- Exchange rate modelling --- Managed exchange rates --- Exchange rate arrangements --- Crawling peg --- Netherlands, The