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Foreign exchange market

About: Foreign exchange market is a research topic. Over the lifetime, 6661 publications have been published within this topic receiving 153384 citations. The topic is also known as: forex & FX.


Papers
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Journal ArticleDOI
TL;DR: Using the Pilbeam and Olmo (2011) model, this paper showed that the Asia-Pacific region's currency markets are generally efficient within-country when tested using the Johansen (1991, 1995) cointegration technique whereas market efficiency fails to hold when tested with Fama's (1984) conventional regression.
Abstract: The Asia-Pacific region’s currency markets are generally efficient within-country when tested using the Johansen (1991, 1995) cointegration technique whereas market efficiency fails to hold when tested using Fama’s (1984) conventional regression. Using the Pilbeam and Olmo (2011) model, we reconcile these conflicting findings. The Pilbeam and Olmo (2011) model confirms within-country market efficiency. It further confirms that free-float currency markets are more resilient than managed-float currency markets among 12 Asia-Pacific economies. From the across-country perspective, the foreign exchange markets are mostly efficient and the results show that the 1997–1998 Asian financial crisis was a more disturbing event than the 2008–2009 global financial crisis in the region.

60 citations

BookDOI
TL;DR: In this paper, the authors explore the pattern of transition of the Vietnamese economy, the policies that were applied, and the reasons for the country's success, focusing on output performance, state-owned enterprises, foreign direct investment, determinants of inflation, dollarization and problems of economic management.
Abstract: The paper explores the pattern of transition of the Vietnamese economy, the policies that were applied, and the reasons for the country's success. In particular, it focuses on output performance; state-owned enterprises; foreign direct investment; determinants of inflation; dollarization and problems of economic management; international integration and exchange rate policy; growth and diversification of trade, trade reform, exchange reform, and exchange rate policy.

59 citations

Posted Content
TL;DR: Turnover of derivatives has grown more rapidly in emerging markets than in developed countries, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions as discussed by the authors.
Abstract: Turnover of derivatives has grown more rapidly in emerging markets than in developed countries. Foreign exchange derivatives are the most commonly traded of all risk categories, with increasingly frequent turnover in emerging market currencies and a growing share of cross-border transactions. As the global reach of the financial centres in emerging Asia has expanded, the offshore trading of many emerging market currency derivatives has risen as well. Growth in derivatives turnover is positively related to trade, financial activity and per capita income.

59 citations

Journal ArticleDOI
TL;DR: In this paper, the history of the recent shift to electronic trading in equity, foreign exchange, and fixed-income markets is reviewed, and the authors analyze a new data set: the eSpeed electronic Treasury network.
Abstract: This article reviews the history of the recent shift to electronic trading in equity, foreign exchange, and fixed-income markets. The authors analyze a new data set: the eSpeed electronic Treasury network. They contrast the market microstructure of the eSpeed trading platform with the traditional voice-assisted networks that report through GovPX. The electronic market (eSpeed) has greater volume, smaller spreads, and a lower estimated trade impact than the voice market (GovPX). ; Appeared earlier as Working Paper 2006-012

59 citations

Journal ArticleDOI
TL;DR: In this article, the authors examined the dynamics of implied volatilities derived from the major currency options on futures and found that participants in the currency market tend to expect higher future volatility when currency market fluctuates in a large scale regardless of the direction, implying that uncertainty would be higher when movements of exchange rates are large.

59 citations


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Performance
Metrics
No. of papers in the topic in previous years
YearPapers
2023158
2022202
2021157
2020171
2019209
2018198