Does the Introduction of Futures on Emerging Market Currencies Destabilize the Underlying Currencies? PDF Download
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Author: Ms.Laura E. Kodres
Publisher: International Monetary Fund
ISBN: 145184297X
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Recent interest in futures contracts on emerging market currencies has raised concerns among some central bank authorities about their ability to maintain stable currencies. This paper presents empirical results examining the influence of the Mexican peso, the Brazilian real, and the Hungarian forint futures contracts on the respective spot markets. While measures of linear dependence and feedback indicate strong connections between the respective markets, futures volatility does not significantly explain spot market volatility, nor does it increase after futures introductions. To account for the characteristics of the spot and futures returns a SWARCH model has been employed to estimate volatility.
Author: Ms.Laura E. Kodres
Publisher: International Monetary Fund
ISBN: 145184297X
Category : Business & Economics
Languages : en
Pages : 40
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Book Description
Recent interest in futures contracts on emerging market currencies has raised concerns among some central bank authorities about their ability to maintain stable currencies. This paper presents empirical results examining the influence of the Mexican peso, the Brazilian real, and the Hungarian forint futures contracts on the respective spot markets. While measures of linear dependence and feedback indicate strong connections between the respective markets, futures volatility does not significantly explain spot market volatility, nor does it increase after futures introductions. To account for the characteristics of the spot and futures returns a SWARCH model has been employed to estimate volatility.
Author: Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Publisher:
ISBN: 9789291319626
Category : Banks and banking, Central
Languages : es
Pages : 0
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Book Description
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451972776
Category : Business & Economics
Languages : en
Pages : 180
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Book Description
This paper describes the issue of corruption around the world. The paper surveys and discusses issues related to the causes, consequences, and scope of corruption, and possible corrective actions. It emphasizes the costs of corruption in terms of economic growth. It also emphasizes that the fight against corruption may not be cheap and cannot be independent from the reform of the state. If certain reforms are not made, corruption is likely to continue to be a problem regardless of actions directly aimed at curtailing it.
Author: International Monetary Fund. Research Dept.
Publisher: International Monetary Fund
ISBN: 1451973608
Category : Business & Economics
Languages : en
Pages : 168
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Book Description
This paper presents international evidence on the determinants of trade dynamics. It provides some new empirical perspectives on the relationship between international trade and macroeconomic fluctuations in industrial economies. A comprehensive set of stylized facts concerning fluctuations in trade variables and their determinants is presented. A measure of the quantitative importance of international trade for the propagation of domestic business cycles is then constructed, focusing on the role of external trade as a catalyst for cyclical recoveries.
Author:
Publisher:
ISBN:
Category : Europe, Eastern
Languages : en
Pages : 606
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Book Description
Author: John Eatwell
Publisher: Oxford University Press, USA
ISBN: 0195147650
Category : Capital market
Languages : en
Pages : 493
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Book Description
Comprising 19 commissioned articles, this collection addresses the global issues of volatility in equity and foreign exchange markets and the regulatory scene in developed and emerging markets.
Author: Dennis R. Appleyard
Publisher: Irwin/McGraw-Hill
ISBN: 9780072315141
Category : Business & Economics
Languages : en
Pages : 792
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Book Description
Appleyard-Field's International Economics 4e text is a mid-level International Economics textbook that offers a consistent level of analysis and treatment of the two main subdivisions of international economics international trade theory and policy and international monetary theory and p
Author: Mr. Zhongxia Jin
Publisher: International Monetary Fund
ISBN: 1513584847
Category : Business & Economics
Languages : en
Pages : 22
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Book Description
During China’s transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this paper analyzes the impact of establishing FX futures markets on spot market volatility using data from major emerging market economies. The result shows that FX futures market is not empirically associated with an increase in spot market volatility; in some cases, it is even associated with a decrease in spot market volatility. This paper further suggests that for a well-functioning FX futures market to be established, it is essential for China to substitute the inefficient documentation requirement of underlying exposures with a new set of market-oriented measures for the purpose of prudent regulation.
Author:
Publisher:
ISBN:
Category : Classification
Languages : en
Pages : 916
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Book Description
Author:
Publisher:
ISBN:
Category : Economics
Languages : en
Pages : 950
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Book Description
