Become indeterminate
Become continuously favourable
Continuously become unfavourable
Become constant
ex =em=1
ex + em >l
ex + em
ex + em=1
Robert Solow
J. E. Meade
Paul Rom
T. W. Swan
To bear the risk in foreign exchange
To secure risk in foreign exchange
Speculation in foreign exchange
Arbitrage operations in foreign exchange
1-Jan-96
1-Jan-97
1-Jan-98
1-Jan-99