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 |
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Page 37
... evidence of 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 ...
... evidence of 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 ...
Page 40
... evidence of 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 ...
... evidence of 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 ...
Page 42
... evidence of destabilizing speculation in the 1973-75 French franc markets and stabilizing speculation in the 1973-75 Deutschemark - U.S . dollar market . The empirical work , fragmented as it is , makes a significant point . Exchange ...
... evidence of destabilizing speculation in the 1973-75 French franc markets and stabilizing speculation in the 1973-75 Deutschemark - U.S . dollar market . The empirical work , fragmented as it is , makes a significant point . Exchange ...
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