The monetary approach to exchange rates remains and continues to be a key area for spartial and temporary research in relation to field of international monetary and financial management. Due to this importance, the substantial contribution by xxxxemphasisis that exchange rate is a core area and remains key to bilateral trade involvement.
Thus, econometrics scholars emphasize on the proposition of monetary exchange unit as a prerequisite to bilateral trade rather than the transaction between the two trading partners (Davidson, 1998; Fredrick 1968). Exchange rate determination as a monetary exchange unit policy has bearing on the impact of trade and business transaction that may likely to occur between theUKand other trading partners. Therefore as a consequence, various studies have been done that constructs a rich body of knowledge that about the empirical examination of the monetary model in relation to the exchange rate determination inUK.
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