A note on the geographical dispersion of emerging market currencies: The role of outliers
使用三种异常值检测方法，发现少数异常值（通常是大型交易中心）对新兴市场货币地理分散的实证结果有不成比例的影响；剔除异常值后，2019-2022年BIS三年期调查数据显示出更强的货币份额收敛证据。
The geographical dispersion of currencies is often studied in a cross-sectional convergence regression using data from the BIS triennial survey (see Cheung et al. (2019)). Using three different approaches to outlier detection, we demonstrate that a small number of outliers can have a disproportional impact on the empirical results. These outliers are often identified as large trading centers. For the 2019 to 2022 BIS triennial survey, our findings reveal substantially stronger evidence of convergence to the share of all currencies, once the outliers are excluded from the sample.