Currency devaluation timing pattern: episodic not gradual — six major devaluation episodes over 170 years (~1 per 28 years). Slow erosion followed by sudden break is the historical pattern. This matters for option pricing and hedge timing.
Currency devaluation timing pattern: episodic not gradual — six major devaluation episodes over 170 years (~1 per 28 years). Slow erosion followed by sudden break is the historical pattern. This matters for option pricing and hedge timing.