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Euro exchange rates : what can be expected in terms of volatility?

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(193)

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(198) I. Sf. 2f8.

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(201)  Effe Eff

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(205)

(206).

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(208) e.

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(211)  Eff

(212)  Eff2. EfffD Efff

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(220)  I 2. ff.. fbHe. . . ffe2 2I 22H. EffD Eff Eff2 Effe Eff

(221)  EffD. Efff EfffD Efff. Efff. Efff Eff2. EfffD. . Efffb. Efff. Eff2 Eff2. @ti_ L? |i ,# _@|@ uLh +i@* B#c b.ebbDc _itUhMi_ ? TTi?_ 2 59 RHFG. Hfrqrplf Vxuyh|v1.

(222) D.

(223) W? |t €?@* tTiU€U@|L? @** i^@|L?t T@tt |i TLh|4@?|i@< @ |LULhhi*@|L? |it| | H *@}t @?_ |i 2 ?Lh4@*|) |i | @| |i f TihUi?| t}?€U@?Ui *ii* i UiT| uLh |i Bih4@? i^@|L? U t@|t€it |i ?Lh 4@*|) |it| @| |i f TihUi?| t}?€U@?Ui *ii* M| |i @|LULhhi*@|L? |it| L?*) @| |i D TihUi?| t}?€U@?Ui *ii*  _44) uLh |i tiUL?_ L* tLU! @t ?L| t}?€U@?| uLh a@T@?c t|h@c 6?*@?_c Whi*@?_ @?_ Lh|}@*. A@M*i e

(224) G V@h@?UiL@h@?Ui @|h Lu hL_U||) 5LU!t JE0|n c 0|n   fff V@h Bih t 6h@ i| W|@ 6? Whi Lh N! #i? 5i. ffeD ff. ff

(225)

(226) ffH

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(229) 2 f

(230) .. Bih. L Nt.  ff2D ffb ff2f ff

(231) fff

(232) fffb ffS fff

(233) ffS fffb. fffb fffS fffe fffD fffD fff. fff ff2 fffD fffH fffe fff fffe fffH fffb ff. ffe fffD ff

(234) f fffH fff fffD. a@T. T @oEL7 ffff'ff.e ( T @oEa@Rffff'ffe2.

(235) S.

(236) TTi?_ D G +@?!?} 5}?€U@?Ui Ait|t uLh ,t|4@|it. ?_ih L4?@* W?UL4i A@h}i|?}. 5}?€U@?Ui Ait|t uLh |i h@?!?} Lu L*@|*|it ihi UL?t|hU|i_ L? |i M@tt Lu |i |it|t uLh h@?!?} uLhiU@t|?} ihhLht _ii*LTi_ M) #iML*_ @?_ @h@?L EbbD ?) |L L*@|*|) @*it ihi UL?t_ihi_ |L Mi t|@ |t|U@**) _gihi?| i?iih |i |L tihit Lu ,hLTi@?< L|T| tLU!t |@| }i?ih@|i_ i@U Lu |i4 ihi uL?_ |L Mi t|@|t|U@**) _gihi?| , hLTi@?< L|T| tLU!t< tihit ihi it|4@|i_ @UULh_?} |L i^@|L? EHc t?} |i hit*|t Lu |i €?@* tTiU€U@|L? hiTLh|i_ ? TTi?_ e Oihi 4Lt|*) |i t}?€U@?Ui Lu @?) |L UL?tiU|i L*@|*|) @*it @t |it|i_ uLhc M| @ |it| L? |i t}?€U@?Ui Lu |i h@?!?} Mi|ii? |i L*@|*|) Lu |i ihL i U@?}i h@|it Lu |i ,hL3L?i< @?_ |i ,hL:L|t< @t @*tL ?U*_i_ Ai hit*|t @hi hiTLh|i_ ? A@M*i D Aiti |it|tc |L} 4t| Mi *LL!i_ @| | tL4i hitih@|L? t?Ui |i) ihi uL?_ |L @i @ }ih Ti@! @hL?_ |ih 4i@? Lu 3ihL |@? @ ?Lh4@* _t|hM|L? L*_ @i A@M*i DG +@?!?} Ait|t EL4?@* W?UL4i A@h}i|?}  6?@* 5TiU€U@|L?  Ait|t. ULt|@?|. Bih4@?) t Lhi Lhi t Lhi:|@ Lhi:|@ t ,hL3L?i ,hL3L?i t ,hL:! ,hL:! t ,hL:L|t ,hL3L?i t ,hL:L|t. .f.  fD e2S.  fS HSf.  f. ...  fS f

(237) .  fS 2Hf.  fS. |@*i #`

(238) S

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(240) ..

(241) 5i_i? @?_ #i?4@h! |L |i }hLT Lu ,hL:!< __?} |i Nk _Lit ?L| tii4 |L @i @ t}?€U@?| 4T@U|c @*|L}c _i |L |i ?L??Lh4@*|) Lu |i |it|c hiiU|?} @?) t}?€U@?Ui hi^hit |i ?it|}@|L? Lu |i @TThLTh@|i Uh|U@* @*it U @hi *!i*) |L Mi *Lih |@? 2. TTi?_ SG Vi*LU|) #@|@ #itUhT|L? 6}hi

(242) G 6ht| #gihi?Uit ?  Vi*LU|) 5ihit uLh |i N5c a@T@? @?_ ,hLTi  L?t|hU|i_ uhL4 ,# 5ihit. Ai i*LU|) _@|@ @t UL?t|hU|i_ L? |i M@tt Lu ^@h|ih*) ti@tL? @**) @_t|i_ LMtih@|L?t uLh c LM|@?i_ uhL4 |i ,# _@|@M@ti ** tihit ihi @*hi@_) ti@tL?@**) @_t|i_c i UiT| uLh |i Nk Ai Nk

(243) H.

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(245) . TTi?_ . G Vi*LU|) ,t|4@|it uLh N5c a@T@? @?_.  ,N UL?|hit  b.ebbD "@h|ih*) #@|@. A@M*i .G 5|LU@t|U hLUittit uLh Vi*LU|) #iTi?_i?| @h@M*i G *? T| S N5 a@T Bih t 6h@ i| W|@ 6? Whi Lh Nk #i?. (&. 7... -2. (`. . . 2I. b.I. S. . . . D

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(247) . fb

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(255) 

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(259). ff2. fbbH. . . fS

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(264) b.

(265) TTi?_ H G +@?!?} 5}?€U@?Ui Ait|t uLh ,t|4@|it. ?_ih L?i) A@h}i|?}. A@M*i HG +@?!?} Ait|t EL?i) A@h}i|?}  6?@* 5TiU€U@|L?  Ait|t. ULt|@?|. Bih4@?) t Lhi 2fS.  fe Lhi t Lhi:|@

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(267)  2H2 2DD f2H 2Hf S2. b

(268) b. He 2H b2 SS. TTi?_ bG Ai _}i| L?t|h@?| W? Lh_ih |L tL*i uLh €ht| Lh_ih UL?_|L?tc | t i@tih |L hih|i |i M_}i| UL?t|h@?|G d

(269) 3 n #

(270) 3 R

(271) 3 t

(272) 3  R

(273) 3 S

(274) 3 o E n 

(275) n ne

(276) 3 d

(277) 3 n #

(278) 3 R

(279) 3 t

(280) 3  R

(281) 3 S

(282) 3 o E n 

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(285) 3 n #&

(286) 3 R&

(287) 3 t&

(288) 3  R&

(289) 3 S&

(290) 3 o E n &

(291) n n dE n 

(292) 3 

(293) 3 n E  #

(294) 3 R

(295) 3 t

(296) 3 n A

(297) o E n 

(298)  ne

(299) dE n 

(300) 3 

(301) 3 n E  #

(302) 3 R

(303) 3 t

(304) 3 n A

(305) o E n 

(306)  ne&

(307) dE n &

(308) 3 &

(309) 3 n E  #&

(310) 3 R&

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