We study different characterizations of the pointwise Holder spaces C-
s(x(0)), including rate of approximation by smooth functions and itera
ted differences. As an application of our results we study the class o
f functions that are Holder exponents and prove that the Holder expone
nt of a continuous function is the limit inferior of a sequence of con
tinuous functions, thereby improving a theorem of S. Jaffard. (C) 1997
Academic Press.