The case for active management from the perspective of Complexity Theory

Borradores de Economia
Number: 
495
Published: 
Classification JEL: 
G11, G14, G32
Keywords: 
Human capital agglomeration, Social returns, Private returns, Externalities, Uncertainty, Fiscal policy
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This paper approaches active management of baskets of currencies from the perspective of Complexity theory, where the market is analysed as a Complex Adaptive system. A basket of currencies is constructed using objective probabilities (propensities) and a