Federico Sturzenegger

Federico Sturzenegger


President of the Central Bank of Argentina
Incumbent
Assumed office 10 December 2015
Vice President	Lucas Llach
Preceded by	Alejandro Vanoli
National Deputy of Argentina
In office 10 December 2013 – 10 December 2015
Constituency	City of Buenos Aires
Personal details
Born	Federico Adolfo Sturzenegger (1966-02-11) February 11, 1966 Rufino, Argentina
Nationality	Argentine
Political party	PRO
Alma mater	National University of La Plata MIT
Religion	Agnostic^[1]
Website	Official website

Federico Sturzenegger (b. Rufino, 11 February 1966) is currently the Chairman of the Central Bank of Argentina. Sturzenegger has a PhD in Economics in MIT and is a professor at Torcuato di Tella University.^[2] Previously he was a National Congressman for the conservative party PRO. Academically he co-introduced Dark Matter, a term referring to 'invisible' assets that explain the difference between official estimates of the current account and estimates based on the actual return net financial position. Throughout his academic career he has published close to fifty articles in refereed journals as well as eight books. Sturzenegger is being investigated for crimes during his administration as a member of government in 2001.^[3]

Career

Federico Sturzenegger graduated in 1987 with an Economics degree from the National University of La Plata. He later obtained in 1991 his Ph.D. at Massachusetts Institute of Technology.

Between 1991 and 1994 Sturzenegger was an assistant professor of economics in the University of California, Los Angeles. He returned to Argentina in 1995 when José Estenssoro appointed him as Chief Economist of YPF.

In 1998 Sturzenegger left his position in YPF and became Dean in the Business School at Torcuato di Tella University until the year 2001. In 2001 he interrupted his academic profession and decided to participate in the public sector as Secretary of Political Economy in Argentina in the mist of an incoming economic crisis.^[4] In 2002 he returned to his previous occupation as Dean at Torcuato di Tella University until the year 2005.

Between 2005 and 2007 Sturzenegger was a visiting professor of public policy at the John F. Kennedy School of Government, Harvard University. During the year 2005 he was selected as Young Global Leader in the World Economic Forum in Davos^[4] and in 2006 he was awarded the Konex Prize.^[5] In 2008 when Mauricio Macri, the mayor of the city of Buenos Aires, asked him to act as president of the Bank of the City of Buenos Aires he returns to Argentina.^[5] During his tenure the bank made a big turnaround from losing 160 million Argentine pesos annualized during the six months previous to his appointment to becoming the most profitable state owned firm in the country six years later with record profits of more than 1300 million Argentine pesos in 2013.^[6] His management of the bank became a Harvard case study.^[7]

In 2013 Federico Sturzenegger resigned as President of Banco Ciudad to become a Member of the Chamber of Deputies.

He became the president of the Central Bank after Alejandro Vanoli left because of Mauricio Macri's rise to power the 10th of December 2015.

Presidency at Central Bank

Directory of Central Bank, December 2015

The 11th of December Federico Sturzenegger assumes the role of President of the Central Bank.^[8] On the 16th of the same month the Bank ended the currency exchange blockade (cepo), in force for more than 4 years.^[9]

The directory of the Central Bank at the beginning of Sturzenegger’s administration was composed by Lucas Llach, as vicepresident; Horacio Tomás Liendo (n); Demián Reidel; Pablo Curat; Fabián Zampone; Francisco Gismondi; Pedro Biscay, designated by the ex president Alejandro Vanoli; Germán Feldman and Juan Cuatromo, by the ex minister of Economy of that time Axel Kicillof.^[10]^[11]

National Congress

Jury of Federico Sturzenegger as National Congressman

As a Congressman, Federico Sturzenegger presented 11 bills and numerous and decisive participations in the Chamber of Deputies. In the year 2014 he was 13º in a ranking of participation in sessions.^[12]

In a session in which a bill that generated "open access" to the railroad tracks for freight transport was treated, and where is involved the then minister of transport Florencio Randazzo was involved, the Congressman managed to include the transport for passengers in this project. The law in question suggests that the State make available rail infrastructure, so it can be used by any company created to operate rail freight, or by individual companies that choose to do what today do the successful tenderers, keep a small operation itself for their transportation needs.^[13]

One of the bills presented by Federico Sturzenegger was one that strived for the universal and compulsory education since age 3. Soon after, the government presented a similar project which consisted of the obligation at 4 years of age.^[14] Sturzenegger argued that in many parts of the world it was shown that children who receive quality early education at the age of 3–4 years, had lower dropout rates, higher educational level completed, higher wages, better academic performance later, and a lower proportion of them was in the need to receive state social assistance plans.^[15]

As the former president of the Banco Ciudad he had a pending issue. After the so-called Conti Law, that took the judicial deposits from Banco Ciudad and transferred them to Banco Nación,^[16] he presented a project with the idea of allowing free competition between financial entities in order to attract this deposits, which would result in a higher level of service and better rates for the judicial deposits.^[17]

In December 2014 Sturzenegger presented a bill that consists of implementing a loan scheme with the possibility of granting mortgage loans for housing capital in line with the general level of inflation (plus a bonus). Thus, credit is preserved in real terms. The proposal was based on the Chilean model of indexed currency, using the Unidad de Fomento. According to the same project, implement it significantly reduces the interest on mortgage loans, approximating its value to a rental. As the value of capital is preserved, loans of 30 years or more would automatically would develop.^[18]

Management of Banco Ciudad

New Headquarter of Banco Ciudad in Parque Patricios

In February 2008 Sturzenegger was appointed President of the Banco Ciudad, a state owned bank property of the Government of the City of Buenos Aires. Before Sturzenegger`s appointment the bank was losing money. In the second half of 2007 it had suffered losses over 80 million Argentine pesos. In 2013, after six years under Sturzenegger's management, the bank reached a record profit of more than 1300 million Argentine pesos, becoming the most profitable state owned company in Argentina. Between the years 2008 and 2012 the bank tripled its net worth and multiplied by 7 its loans to medium and small enterprises, by 6 its loans to large enterprises, and by 4 its mortgage loans.^[19]

During Sturzenegger's management the bank became the only one in Argentina to offer a free savings account for all its clients, the only bank that had opened branches in shanty towns, and the only bank to offer loans (including mortgage loans) to people who earned the minimum wage. The bank also became known for pushing new alternatives for transportation, such as those that allowed the client to buy bicycles^[20] or for a taxi driver to buy his or her own cab.^[19]^[21]

Sturzenegger's management is known for implementing a unique hiring system based in meritocratic results and inspired in the Brazilian Development Bank. The primary objective of this new system was to promote equal opportunities through a recruiting based on academic results. A first selection was made on academic grades. The preselected group of applicants had then to conduct another exam at the Universidad de Buenos Aires. Those who had studied in public schools were prioritized for the selection.^[19]

By the year 2013 the bank was going to move its central headquarter to a new building designed by Norman Foster. The new headquarter was designed with construction standards that would make it the most sustainable public building in Latin America.^[22]

Harvard Business School wrote a case study describing the renovation of Banco Ciudad and classifying Sturzeneggers management as one of the two most successful experiences of public company's transformation.^[7]

Dark Matter

Dark matter is a term coined by Sturzenegger and Ricardo Hausmann to refer to the 'invisible' assets that explain the difference between official estimates of the U.S. current account, and estimates based on the actual return on the U.S. net financial position. Specifically, the U.S. Bureau of Economic Analysis (BEA) estimated the net U.S. current account deficit to be 2.5 trillion in 2004. However, according to Sturzenegger and his colleague Ricardo Hausmann, the U.S. current account deficit cannot in reality be as high as it is estimated to be: otherwise, the U.S. would be paying large amounts of interests on its debt. This does not seem to be the case: net income in 2004 was still a positive 30 billion, which is not lower than it was in 1980, before the U.S. built up its current account deficit. Thus, the authors argue that the "real" cumulative current account between 1980 and 2004 had in fact been positive, and that somehow a large amount of (foreign) assets are being left out of the calculations.^[23] ^[24] ^[25]

The suggested source of this "missing wealth" is dark matter, resulting from the unaccounted export of ideas and other services (such as insurance or liquidity) from the U.S. to other economies. The two authors claim that the U.S. has significant exports, mainly of business know-how bundled with its Foreign direct investment) that do no show up in official trade statistics.^[26] These exports increase the real value of its foreign assets, and thus lower the real size of the deficit. Therefore, they argue, there is less reason to worry about the U.S. financial position than is usually assumed. In addition, this dark matter in the U.S. current account also has implications for the accounts of other countries, which have been inadvertently accruing liabilities by importing know-how.^[27]

The idea of dark matter has not gone without criticism. First, Willem Buiter has argued that dark matter should result in a higher rate of return on U.S. external assets than on U.S. external liabilities. However, he claims, there is no convincing evidence that this is the case.^[28] Second, the U.S. income from dark matter seems to vary enormously from year to year, even though it stems from permanent characteristics of the U.S. economy like the export of know-how.^[29] Lastly, Mathew Higgins, Thomas Klitgaard, and Cedric Tille agree with the assertion that U.S. foreign assets are currently undervalued. However, they argue that more important, U.S. foreign liabilities are overvalued. Thus, The U.S. has fewer foreign liabilities than is currently assumed; this fact (rather than dark matter) explains the unexpectedly high net income.^[30] In a 2007 article, Hausmann and Sturzenegger respond to some of these critiques, defending the existence and function of dark matter.^[31]

De Facto Exchange Rate Regimes: Deeds vs Words

In a joint work with Eduardo Levy Yeyati, Federico Sturzenegger developed a popular classification of exchange rate regimes de facto in the paper "Classyfing Exchange Rate Regimes: Deeds vs. Words".^[32] Stuzenegger and Levy Yeyati sustained that most of the empirical literature on exchange rate regimes were using the IMF de jure classification based on regime announced by the governments, despite the recognized inconsistencies between reported and actual policies in many cases. Many countries that in theory had a flexible exchange rate intervened in exchange markets so pervasively that in practice very little difference existed (in terms of observable performance) with countries that have explicit fixed exchange rate regimes. Conversely, periodic devaluations of pegs in inflation-prone countries were the result of the implementations of monetary policies that were inconsistent with fixed exchange rates and that made the effective regime resemble a flexible arrangement. Moreover, countries that appeared to behave according to the declared regime during tranquil times could be tempted to change their course of action once the regime was under stress. Thus, a very different picture of exchange rate regime choices might have appeared once the international context became more volatile.

The authors proposed a new de facto classification of exchange rate regimes that reflected the actual rather than the announced policies, providing an alternative as well as a complement to the standard de jure approach. Sturzenegger and Levy Yeyati managed to define the exchange rate regimes according to the behavior of three classification variables: changes in the nominal exchange rate, the volatility of these changes, and the volatility of international reserves. Underlying the selection of these variables they made a textbook definition of exchange rate regimes, where fixed exchange rate regimes were associated with changes in international reserves aimed at reducing the volatility in the nominal exchange rate, and flexible exchange rates were characterized by substantial volatility in nominal rates with relatively stable reserves. Thus, the combined behavior of these three classifications was sufficient to determine the regime to which each country belonged at any point in time.

Books^[2]

8. Yo no me quiero ir, Editorial Planeta, Buenos Aires, May 2013. Third Edition: Buenos Aires, June 2013.

7. The Natural Resources Trap, Private Investment without Public Commitment, joint with William Hogan, MIT Press, Winter 2010.

6. Debt Defaults and Lessons from a Decade of Crisis, joint with Jeromin Zettelmeyer, Cambridge: MIT Press, Winter 2006.

5. El país que queremos, joint with Sergio Berensztein and Horacio Rodríguez Larreta, Editorial Temas, Buenos Aires, June 2006.

4. La Economía de los argentinos, Editorial Planeta, Buenos Aires, May 2003. (Among the 10 best sellers in Argentina for 5 weeks in a row). Second Edition: Buenos Aires, 2005.

3. Dollarization, Debates and Policy Alternatives joint with Eduardo Levy-Yeyati, Cambridge: MIT Press, Winter 2003.

2. Coordinación de políticas macroeconómicas en el MERCOSUR, joint with Jorge Carrera, Editorial, Fondo de Cultura Económica, Buenos Aires: October 2000.

1. The Political Economy of Reform joint with Mariano Tommasi, London and Cambridge: MIT Press, August 1988.

Publications in Refereed Journals^[2]

45. “Exchange Rate Undervaluation and Economic Growth: Diaz Alejandro (1965) Revisited" joint with Pablo Gluzmann and Eduardo Levy Yeyati, Economic Letters, Vol. 117 (3), pp. 666– 672, 2012.

44. “Fear of Appreciation,” joint with Eduardo Levy Yeyati, Journal of Development Economics, Vol. 101, issue C, pages 233-247, 2013.

43. “On the Endogeneity of Exchange Rate Regimes,” joint with Eduardo Levy Yeyati and Iliana Reggio, European Economic Review Vol. 54, No. 5 pp. 659– 677, July 2010.

42. “The Law and Economics of Sovereign Debt” joint with Jeromin Zettelmeyer, and Ugo Panizza, Journal of Economic Literature, Vol. 47 No. 3, September 2009.

41. “Identifying Aggregate Supply and Demand Shocks in South Africa”, joint with Stan Du Plessis and Ben Smit, Journal of African Economies, Vol. 17, No. 5, pp. 765–793. November 2008.

40. “South Africa Macroeconomic Challenges after a Decade of Success”, joint with Jeffrey Frankel and Ben Smit. Economics of Transition, Vol. 16 No. 4, pp. 639–677, October 2008.

39. “Fiscal and Monetary Policy in a Commodity-based Economy”, joint with Jeffrey Frankel and Ben Smit, Economics of Transition, Vol. 16 No. 4, pp. 679–713, October 2008.

38. Comment to “Oil Production in Latin America” by Manzano, O. and F. Monaldi, Economia, Vol. 9, No. 1, pp. 99–101, Fall 2008.

37. “Haircuts: Estimating Investor Losses in Sovereign Debt Restructurings, 1998–2005”, joint with Jeromin Zettelmeyer, Journal of International Money and Finance, Vol. 27, No. 5, pp. 780–805, September 2008.

36. “The growing current account surpluses in East Asia: the effect of dark matter assets,” joint with Ricardo Hausmann and Maya Horii, International Economic Journal, Vol. 22, Issue 2. pp. 141–161, June 2008.

35. “The Impact of Privatization on the Earnings of Restructured Workers,” joint with Sebastián Galiani Journal of Labor Research, Vol. 29, No.2, pp 162–176, 2008.

34. “Estimating SARB´s Policy Reaction Rule,” South African Journal of Economics, Vol. 75 No. 4, December 2007, pp. 1–22, joint with Alberto Ortiz.

33. “The cyclicality of monetary and fiscal policy in South Africa since 1994”, South African Journal of Economics, Vol. 75, No. 3, pp. 391–411, September 2007, joint with Stan Du Plessis and Ben Smit.

32. Comment to “Europe and Global Imbalances” by Philip Lane and Gian Maria Milesi Ferretti, Economic Policy, Vol. 22, Issue 51, pp. 560–565, July 2007.

31. “The Missing Dark Matter in the Wealth of Nations and its Implications on Global Imbalances”, Economic Policy, Vol. 22, Issue 51, pp. 469–518, July 2007, joint with Ricardo Hausmann.

30. “Creditors Losses versus Debt Relief: Results from a Decade of Sovereign Debt Crises,” Journal of the European Economic Association, Vol 5, Issue 2-3, pp 343–351, April–May 2007, joint with Jeromin Zettelmeyer.

29. “The Valuation of Hidden Assets in Foreign Transactions: Why “Dark Matter” matters”, Business Economics, pp. 29–35, January, 2007, joint with Ricardo Hausmann.

28. “Can dark matter prevent a big bang?,” International Finance, Vol. 9, Issue 2, pp. 223–240, August 2006, joint with Ricardo Hausmann.

27. “Fiscal Federalism and Procyclical Spending: The Cases of Argentina and Brazil,” Economica, Vol. VII, No. 2, pp. 315–332, 2006, joint with Rogério L. F. Werneck.

26. “Classifying Exchange Rate Regimes: Deeds vs. Words” European Economic Review, Vol. 49, pp. 1603–1635, 2005, joint with Eduardo Levy Yeyati.

25. “Tools for the Analysis of Debt Problems” Journal of Reconstructing Finance, Vol. 1, No. 1, pp. 201–203, 2004.

24. “On the Consequences of Sudden Stops” Economia, Vol. 4, No. 2, pp. 171–214, Spring 2004, joint with Pablo Guidotti and Agustin Villar.

23. “¿Por qué crecen menos los regímenes de tipo de cambio fijo? El efecto de los suddenstops” Cuadernos de Economía, Año 40, No. 121, pp. 546–655, Diciembre 2003.

22. “To Float or to Trail: Evidence on the Impact of Exchange Rate Regimes” American Economic Review, Vol. 93, No. 4, September 2003, joint with Eduardo Levy Yeyati.

21. “A de facto Classification of Exchange Rate Regimes: A Methodological Note” American Economic Review, Vol. 93, No. 4, September 2003, (posted at http://www.aeaweb.org/aer/contents/), joint with Eduardo Levy Yeyati.

20. “Exchange Rate Regimes and Economic Performance” IMF Staff Papers, Vol. 47, pp. 62–98. 2001 joint with Eduardo Levy Yeyati.

19. “Banking Regulation and Competition with Product Differentiation” Journal of Development Economics, Vol. 63, pp. 85–111, 2000, joint with Ernesto Schargrodsky.

18. “Is EMU a Blue-Print for Latin America?” Cuadernos de Economía, Año 37, No. 110, pp. 63–99, Abril 2000

17. “Implications of the Euro for Latin American Banking and Financial Sectors” Emerging Markets Review, Vol. 1, No. 1, pp. 53–81, 2000, joint with Eduardo Levy Yeyati.

16. “Crazy Explanations of the International Business Cycle” International Economic Review, Vol. 39, No. 1, pp. 111–133, February 1998, joint with Jang-Tin Guo.

15. "La privatización de reservas en el sector hidrocarburífero: el caso de Argentina" Revista de Análisis Económico, Vol. 13, No. 1, June, pp. 75–115, 1998 joint with Nicolas Gadano.

14. “Financial Markets and Inflation under Imperfect Information” Journal of Development Economics, Vol. 54. No. 1, pp. 149–168, October 1997, joint with José De Gregorio. Also published in Mauricio Cárdenas and Sebastián Edwards (eds.) Inflación Estabilización y Política Cambiaria en América Latina, Colombia: TM Editores, January, 1997.

13. “Understanding the Welfare Implications of Currency Substitution” Journal of Economic Dynamics and Control, Vol. 21, pp. 391–416, February 1997.

12. “La Experiencia Argentina con Flujos de Capital en los Noventa” Cuadernos de Economía, Año 34, No. 103, pp. 277–308, December 1997, joint with Joshua Coval.

11. “Recurrent High Inflation and Stabilization: A Dynamic Game” International Economic Review, Vol. 37, No. 4, pp. 981–996, November, 1996, joint with Guillermo Mondino and Mariano Tommasi.

10. “The Feasibility of Monetary Control: Theory and Evidence, with an Application to the Case of Argentina” Policy Reform, Vol. 1, pp. 47–73, 1996, joint with Ricardo López Murphy.

9. “Endogenous Learning and Trade Policy” Economic Letters, Vol. 49, pp. 429–433, 1995.

8. “Las Políticas Fiscales en Economías con Restricciones Financieras” El Trimestre Económico. Vol. LXI, No. 3, pp. 379–408, July–September 1994. (Winner of the Cosio Villegas Prize for best article published that year in the journal).

7. “Distributional Conflict, Financial Adaptation and Delayed Stabilizations” Economics & Politics, Vol. 6, No. 3, pp. 257–278. November, 1994, joint with Raúl Labán.

6. “Fiscal Conservatism as a Response to the Debt Crises” Journal of Development Economics, Vol. 45, November, 1994, joint with Raúl Labán.

5. “Hyperinflation with Currency Substitution: Introducing an Indexed Currency” Journal of Money Credit and Banking, Vol. 26, No. 3, Part 1, pp. 377–395, August 1994.

4. “The Distribution of Political Power, the Costs of Rent Seeking and Economic Growth” Economic Inquiry, Vol XXXII, No. 2, pp. 236–248. April 1994, joint with Mariano Tommasi.

3. “Currency Substitution and the Regressivity of Inflationary Taxation” Revista de Análisis Económico, Vol. 7, No. 1, pp. 177–192, 1992.

2. “Extreme Inflation: Dynamics and Stabilization” Brooking Papers on Economic Activity, Vol. 2, pp. 1–84, 1990, joint with Rudiger Dornbusch and Holger Wolf.

1. “Explicando las Fluctuaciones del Producto en la Argentina”, Económica, Vol. XXXV, No. 1-2, pp. 101– 152, 1989.

Working Papers^[2]

7. “A Balance-Sheet Approach to Fiscal Sustainability By Eduardo Levy-Yeyati and Federico Sturzenegger KSG Faculty Research Working Paper Number: RWP07-044 October 2007.

6. “Deciding on Monetary Integration: An operational approach” joint with Andrew Powell, KSG Faculty Research Working Paper Series RPW 07-041, September 2007.

5. “Sovereign Debt in the Americas: New Data and Stylized Facts,” joint with Kevin Cowen, Eduardo Levy Yeyati and Ugo Panizza, IADB Research Department Working Paper, WP-577, October 2006.

4. “Politicas de Crecimiento y de Desarrollo de una Política Industrial”, October 2005.

3. “Culture and Social Resistance to Reform: a Theory about the Endogeneity of Public Beliefs with an Application to the Case of Argentina” joint with Sergio Pernice, October 2003.

2. “Argentina y la agenda de Negociaciones comerciales Internacionales: El Mercosur, el Nafta y la Unión Europea” jointwith Julio Nogués and Pablo Sanguinetti, June, 2001.

1. “Intergenerational Altruism: The Evidence from Argentina,” joint with Pablo Sanguinetti, October 2000.

References

↑ "Presentación del Banco Central. April 28. 2016. 1:03:00". Banco Central de la República ARgentina.
1 2 3 4 Maria Fernandez Vidal (2 March 2009). "FEDERICO STURZENEGGER" (PDF). Retrieved 28 June 2014.
↑ "Página/12 :: Economía :: Sturzenegger, otra vez procesado". www.pagina12.com.ar. Retrieved 2016-03-24.
1 2 "Federico Sturzenegger | World Economic Forum - Federico Sturzenegger". weforum.org. Retrieved 30 May 2014.
1 2 "Federico Sturzenegger | Fundación Konex". fundacionkonex.org. Retrieved 30 May 2014.
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↑ http://www.ambito.com/noticia.asp?id=820236
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↑ http://www.diputados.gov.ar/proyectos/proyecto.jsp?id=171345
1 2 3 Stuzenegger, Federico. Yo no me quiero ir, Editorial Planeta, Buenos Aires, May 2013. Third Edition: Buenos Aires, June 2013. Chapter 9: La gestión de lo público
↑ "Banco Ciudad". bancociudad.com.ar. Retrieved 28 June 2014.
↑ "Banco Ciudad". bancociudad.com.ar. Retrieved 28 June 2014.
↑ "Macri muda a Parque Patricios la sede de la jefatura de gobierno de la ciudad - 29.03.2014 - lanacion.com". lanacion.com.ar. Retrieved 28 June 2014.
↑ Hausmann, Ricardo; Sturzenegger, Federico (January 2006). "Global Imbalances or Bad Accounting? The Missing Dark Matter in the Wealth of Nations" (PDF). CID Working Paper No. 124.
↑ Hausmann, Ricardo; Sturzenegger, Frederico (November 2005). "U.S. and Global Imbalances: Can Dark Matter Prevent a Big Bang?" (PDF). CID Working Paper.
↑ Hausmann, Ricardo; Sturzenegger, Federico (December 7, 2005). "Op-Ed: ‘Dark Matter’ Makes the U.S. Deficit Disappear". Financial Times. Retrieved 1 October 2012.
↑ Mandel, Michael (December 28, 2005). "Dark Matter". Retrieved 1 October 2012.
↑ Hausmann, Ricardo; Sturzenegger, Federico; Sibert, Anne; Tille, Cedric (2007). "The missing dark matter in the wealth of nations and its implications for global imbalances". Economic Policy 22 (51): 469–518. doi:10.1111/j.1468-0327.2007.00182.x.
↑ Buiter, Willem (January 2006). "Dark matter or cold fusion?" (PDF). Goldman Sachs Global Economics Paper No: 136.
↑ "America's dark materials". The Economist. 19 January 2006. Retrieved 1 October 2012.
↑ Higgins, Matthew; Klitgaard, Thomas; Tille, Cédric (January 2007). "Borrowing without Debt? Understanding the U.S. International Investment Position". Business Economics 42 (1): 17–27. doi:10.2145/20070102.
↑ Hausmann, Ricardo; Sturzenegger, Federico (January 2007). "The valuation of hidden assets in foreign transactions: why "dark matter" matters". Business Economics 42 (1).
↑ Eduardo Levy-Yeyati, Federico Sturzenegger (3 February 2005). "Classifying exchange rate regimes: Deeds vs. words" (PDF). European Economic Review 49 (6): 1603. doi:10.1016/j.euroecorev.2004.01.001. Retrieved 28 June 2014.

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