The Microstructure of Foreign Exchange Markets (National Bureau of Economic Research Conference Report) - Hardcover

Hardcover

ISBN 10: 0226260003 ISBN 13: 9780226260006

Verlag: University of Chicago Press, 1996

Inhaltsangabe

The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate.

These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market.

This timely volume will be essential reading for anyone interested in the economics of international finance.

Über diesen Titel

Über die Autorin bzw. den Autor

Jeffrey Frankel is the James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government, Harvard University, and a research associate of the NBER.

Details zur Ausgabe

• Verlag: University of Chicago Press
• Erscheinungsdatum: 1996
• Sprache: Englisch
• ISBN 10: 0226260003
• ISBN 13: 9780226260006
• Einband: Gebundene Ausgabe
• Auflage: 2
• Anzahl der Seiten: 346
• Herausgeber: Frankel Jeffrey A., Galli Giampaolo, Giovannini Alberto
• Kontakt zum Hersteller: Nicht verfügbar
• Verantwortliche Person: Nicht verfügbar