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 37
... destabilizing speculation . One concept of destabilizing speculation that has been used is any movement of the exchange rate away from equilibrium that is induced by the effects of exchange rate expectations . Many authors include ...
... destabilizing speculation . One concept of destabilizing speculation that has been used is any movement of the exchange rate away from equilibrium that is induced by the effects of exchange rate expectations . Many authors include ...
Page 39
... speculation , and it is simply not correct to equate his speculation with destabilizing speculation only . Aliber11 defines destabilizing speculation to be a problem during the existence of Stein's speculative period and there are no ...
... speculation , and it is simply not correct to equate his speculation with destabilizing speculation only . Aliber11 defines destabilizing speculation to be a problem during the existence of Stein's speculative period and there are no ...
Page 40
... destabilizing speculation ( Aliber [ 1970 ] ) . As discussed ear- lier , the presence of a significant covered interest differential is neither a necessary nor a sufficient condition for the existence of any speculation , let alone ...
... destabilizing speculation ( Aliber [ 1970 ] ) . As discussed ear- lier , the presence of a significant covered interest differential is neither a necessary nor a sufficient condition for the existence of any speculation , let alone ...
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