The Behavior of Foreign Exchange Markets: A Critical Survey of the Empirical LiteratureNew York University, Graduate School of Business Administration, Salomon Brothers Center for the Study of Financial Institutions, 1978 - Foreign exchange - 54 pages |
From inside the book
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Page 7
... concludes , therefore , that unless arbitragers have significant monopoly - monopsony power in the foreign exchange markets , this elasticities approach is not likely to be very fruitful . Of the three distinct Officer - Willett ...
... concludes , therefore , that unless arbitragers have significant monopoly - monopsony power in the foreign exchange markets , this elasticities approach is not likely to be very fruitful . Of the three distinct Officer - Willett ...
Page 21
... concludes that the interven- tion ( perhaps by stabilizing the markets ) induced unbiased expectations . Pippenger ... conclude from their evidence that the Canadian Exchange Stabilization Fund played an important role in reducing short ...
... concludes that the interven- tion ( perhaps by stabilizing the markets ) induced unbiased expectations . Pippenger ... conclude from their evidence that the Canadian Exchange Stabilization Fund played an important role in reducing short ...
Page 35
... concludes that more flexible rates have been associated with substantially higher transaction costs ( as much as five to ten times higher ) . Fieleke [ 1971 , 1972 , 1975 ] shows that larger transaction costs are associated with a ...
... concludes that more flexible rates have been associated with substantially higher transaction costs ( as much as five to ten times higher ) . Fieleke [ 1971 , 1972 , 1975 ] shows that larger transaction costs are associated with a ...
Common terms and phrases
Aliber Artus assets Bank biased Canadian dollar Canterbery coefficients concludes covered interest arbitrage covered interest differential covered margin indicator destabilizing speculation Deutschemark deviations from interest deviations from PPP distributed lag dummy variables econometric efficient markets efficient markets hypothesis empirical endogenous equilibrium estimates evidence of destabilizing exchange rate changes exchange rate expectations exogenous expectations function expected future spot explained explanatory variables finds Fisherian Flexible Exchange Rates flexible rate floating exchange rates foreign exchange markets forward exchange rate forward market forward premium forward rate French franc Frenkel and Levich future spot rate Grubel hedging identify imply interest arbitrage interest parity Journal Kohlhagen 1977b market efficiency mimeo monetary policy official demand official intervention paper Pippenger price changes profits proxy random walk hypothesis regression relative prices significant simultaneity bias specification speculative period spot and forward stabilizing Stein studies subsequent spot rate techniques tests theoretical Theory tion transaction costs unstable volatility