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 28
... unstable floating rate period ( 1973-1974 ) , we can only conclude from his tests that the forward rate is not as good a predictor of the subsequent spot rate in a period of highly unstable international monetary events as compared to a ...
... unstable floating rate period ( 1973-1974 ) , we can only conclude from his tests that the forward rate is not as good a predictor of the subsequent spot rate in a period of highly unstable international monetary events as compared to a ...
Page 35
... unstable system . The seemingly universal conclusions are that : ( 1 ) the in- creased transaction costs are a result not of the floating exchange rates but of the unstable monetary conditions that forced the abandonment of the pegged ...
... unstable system . The seemingly universal conclusions are that : ( 1 ) the in- creased transaction costs are a result not of the floating exchange rates but of the unstable monetary conditions that forced the abandonment of the pegged ...
Page 42
... unstable environment ( and that period was noted more for its political than its economic instability ) . Exchange markets will be stable in a stable monetary world and volatile in an unstable monetary world . The question that ...
... unstable environment ( and that period was noted more for its political than its economic instability ) . Exchange markets will be stable in a stable monetary world and volatile in an unstable monetary world . The question that ...
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