Author: Publisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Nature and Efficiency of the Foreign Exchange Market
Author: The Nature and Efficiency of the Foreign Exchange Market
Author: Jerome L. SteinPublisher:
ISBN:
Category : Foreign exchange
Languages : en
Pages : 58
Book Description
The Nature and Efficiency of the Foreign Exchange Market
Author: Eastman Professor of Political Economy Jerome L SteinPublisher:
ISBN: 9781258081898
Category :
Languages : en
Pages : 60
Book Description
The Psychology of the Foreign Exchange Market
Author: Thomas OberlechnerPublisher: John Wiley & Sons
ISBN: 0470012013
Category : Business & Economics
Languages : en
Pages : 278
Book Description
This book demystifies the foreign exchange market by focusing on the people who comprise it. Drawing on the expertise of the very professionals whose decisions help shape the market, Thomas Oberlechner describes the highly interdependent relationship between financial decision makers and news providers, showing that the assumption that the foreign exchange market is purely economic and rational has to be replaced by a more complex market psychology.
The Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets
Author: R. HodrickPublisher: Routledge
ISBN: 1136455213
Category : Business & Economics
Languages : en
Pages : 185
Book Description
First Published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.
The Basics of Foreign Exchange Markets
Author: William D. GerdesPublisher: Business Expert Press
ISBN: 1947098713
Category : Business & Economics
Languages : en
Pages : 111
Book Description
In an increasingly interdependent global economy, an understanding of foreign exchange markets is more critical than ever. These markets are inextricably entwined with underlying monetary standards and consequently they are treated conjointly in this book. Four different foreign exchange rate regimes are analyzed including exchange rates under commodity money, fiduciary money, fiat money (with fixed exchange rates), and fiat money (with flexible exchange rates). For more than eight decades, most countries have operated with fiat money. Proponents maintain that fiat money provides individual countries with much greater monetary autonomy. Yet both analytics and experience indicate that this is not always the case. Whether a country has more monetary autonomy depends on whether fiat money is paired with fixed or flexible exchange rates. Although flexible exchange rate regimes are not without their critics, it has become increasingly apparent that fiat money with flexible rates provides individual countries much greater monetary autonomy. This arrangement allows participants in foreign exchange markets greater latitude for adjusting to the wide variations in national monetary policies that are prevalent with fiat money. Several audiences may find this book beneficial: undergraduate students in economics and finance, students of international business, graduate students, students in executive programs who need to expand their knowledge of international finance, and practicing executives and managers—especially those who are employed by companies operating globally.
Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets
Author: Robert J. HodrickPublisher: CRC Press
ISBN: 1000943380
Category : Mathematics
Languages : en
Pages : 190
Book Description
This book presents a critical review of the empirical literature that studies the efficiency of the forward and futures markets for foreign exchange. It provides a useful foundation for research in developing quantitative measures of risk and expected return in international finance.
Exchange Arrangements and Foreign Exchange Markets
Author: International Monetary FundPublisher: International Monetary Fund
ISBN: 1589061772
Category : Business & Economics
Languages : en
Pages : 96
Book Description
This paper reviews developments and issues in the exchange arrangements and currency convertibility of IMF members. Against the backdrop of continuing financial globalization and a series of emerging market crises since 1997, there have been important changes in the evolution of exchange rate regimes and the pace of liberalization of current and capital transactions among IMF member countries. There has been a shift away from intermediate regimes according to the IMF's official exchange rate regime classification system based on de facto exchange rate policies. The de facto exchange rate classification system has helped to clarify the nature and role of members' exchange rate regimes. It has facilitated discussions with country authorities about the implementation of exchange rate regimes and hence has contributed to more effective surveillance of the international monetary system. The use of exchange controls appears to have been little influenced by the degree of flexibility of exchange rate regimes or the occurrences of currency crises.
Re-interpreting the Failure of Foreign Exchange Market Efficiency Tests
Author: Richard E. BaldwinPublisher:
ISBN:
Category : Economics
Languages : en
Pages : 48
Book Description
Small transaction costs and uncertainty imply that optimal cross-currency interest rate speculation is marked by a first-order hysteresis band. Consequently uncovered interest parity does not hold and market efficiency tests based on it are misspecified. Indeed measured prediction errors are a combination of true prediction errors and a wedge that consists of the "option value" of being in foreign currency and either plus or minus the transaction cost. Due to the nature of this wedge, we should expect measured prediction errors to be serially correlated, correlated with the current forward rate and perhaps have a non-zero mean, if the interest differential itself is serially correlated. The existence of the wedge helps account both for the failure of market efficiency tests and the difficulties in finding an empirically successful model of the risk premium
Expectations and the Foreign Exchange Market
Author: Craig S. HakkioPublisher: Routledge
ISBN: 1351801686
Category : Business & Economics
Languages : en
Pages : 108
Book Description
Originally published in 1984. This book examines two important dimensions of efficiency in the foreign exchange market using econometric techniques. It responds to the macroeconomics trend to re-examining the theories of exchange rate determination following the erratic behaviour of exchange rates in the late 1970s. In particular the text looks at the relation between spot and forward exchange rates and the term structure of the forward premium, both of which require a joint test of market efficiency and the equilibrium model. Approaches used are the regression of spot rates on lagged forward rates and an explicit time series analysis of the spot and forward rates, using data from Canada, the United Kingdom, the Netherlands, Switzerland and Germany.
