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explicitly settled the FX transactions implied by the foreign and domestic sectors' willingness to hold non-native currency
How do you suggest to make the FX settlement explicit? I've been raking my brain abuot that all week and I can't see how to make that visible.

A society committed to the notion that government is always bad will have bad government. And it doesn't have to be that way. — Paul Krugman
by Migeru (migeru at eurotrib dot com) on Sat Jan 18th, 2014 at 06:01:39 AM EST
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