The article examines how countries manipulate their currency values to boost their economies. By analyzing real exchange rates, the researchers found that some countries intentionally undervalue their currencies to promote exports and economic growth. They used statistical methods to estimate the long-term effects of these undervaluations and found that government policies and interventions can sustain these distortions. Overall, the study shows that foreign exchange interventions can lead to persistent undervaluation of currencies, affecting international trade and economic stability.