EXDCExternal Data Controller (mainframes)
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In terms of our model, EXDC and DEH would need to be equal to or less than zero.
With a consistent increase in domestic credit, it is not possible to sustain a constant level of RER, over the long run, because consistent high EXDC would lead to a fail in reserves and create pressure for a devaluation of the domestic currency.
ERER can be estimated as a five year moving average of estimated RER adjusted for temporary deviations caused by EXDC or other such variables if included in Equation (1)