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An Over the Counter Approach to the FOREX Market

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Figure

Figure 1: Timing of trading process
Figure 2: moneyi demand by a buyer from country i
Figure 3: Effects of γi on the country i’s DM goods consumption (qTi ) with δαi = 1
Figure 4: Effects of γ−i on the country i’s DM goods consumption (qTi ) with δαi = 1, β < γi

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