Topic
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.
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Book•
01 Jun 1996
TL;DR: In this paper, the authors discuss the differences in national differences in political economy, political economy and economic development, differences in culture, and differences in ethics in international business, and the International Monetary System.
Abstract: Part One-Introduction and Overview Chapter 1: Globalization Case: Who Makes the Apple iPhone? Part Two-Country Differences Chapter 2: National Differences in Political Economy Chapter 3: Political Economy and Economic Development Chapter 4: Differences in Culture Chapter 5: Ethics in International Business Case: Siemens Bribery Scandal Case: Disaster in Bangladesh Case: Knights Apparel Case: Japan's Economic Malaise Case: Indonesia: The Next Asian Giant? Part Three-The Global Trade and Investment Environment Chapter 6: International Trade Theory Chapter 7: The Political Economy of International Trade Chapter 8: Foreign Direct Investment Chapter 9: Regional Economic Integration Case: Legal Outsourcing Case: The Global Financial Crisis and Protectionism Case: NAFTA and Mexican Trucking Case: The Rise of the Indian Automobile Industry Case: Logitech Part Four-The Global Monetary System Chapter 10: The Foreign Exchange Market Chapter 11: The International Monetary System Chapter 12: The Global Capital Market Case: South Korean Currency Crisis Case: Russian Ruble Crisis Case: Caterpillar: Competing in a World of Fluctuating Currencies Part Five-The Strategy and Structure of International Business Chapter 13: The Strategy of International Business Chapter 14: The Organization of International Business Chapter 15: Entry Strategy and Strategic Alliances Case: The Evolving Strategy of IBM Case: IKEA in 2013 Case: General Electric's Joint Ventures Case: The Globalization of Starbucks Case: Coca-Cola's Strategy Part Six-Business Operations Chapter 16: Exporting, Importing, and Countertrade Chapter 17: Production, Outsourcing, and Logistics Chapter 18: Global Marketing and R&D Chapter 19: Global Human Resource Management Chapter 20: Accounting and Finance in the International Business Case: Brazil's Gol Airlines Case: Staffing Policy at AstraZeneca
891 citations
TL;DR: The choice of appropriate exchange rate regime for economies with access to international capital markets increasingly means a move away from the middle ground of pegged but adjustable fixed exchange rates towards the two corner regimes of either flexible exchange rates or a fixed exchange rate supported, if necessary, by a commitment to give up altogether an independent monetary policy as discussed by the authors.
Abstract: “…. the choice of appropriate exchange rate regime, which, for economies with access to international capital markets, increasingly means a move away from the middle ground of pegged but adjustable fixed exchange rates towards the two corner regimes of either flexible exchange rates or a fixed exchange rate supported, if necessary, by a commitment to give up altogether an independent monetary policy.” Lawrence H. Summers (2000), p. 8.
852 citations
TL;DR: This paper assess the progress made by the profession in understanding whether and how exchange rate intervention works and conclude that official intervention can be effective, especially through its role as a signal of policy intentions, and especially when it is publicly announced and concerted.
Abstract: In this Paper we assess the progress made by the profession in understanding whether and how exchange rate intervention works. To this end, we review the theory and evidence on official intervention, concentrating primarily on work published within the last decade or so. Our reading of the recent literature leads us to conclude that, in contrast with the profession's consensus view of the 1980s, official intervention can be effective, especially through its role as a signal of policy intentions, and especially when it is publicly announced and concerted. We also note, however, an apparent empirical puzzle concerning the secrecy of much intervention and suggest an additional way in which intervention may be effective but which has so far received little attention in the literature, namely through its role in remedying a coordination failure in the foreign exchange market.
837 citations
TL;DR: In this paper, the authors examine the impact of news in one market on the time path of per-hour volatility in other markets using a volatility type of vector autoregression and find that the empirical evidence is generally against the null hypothesis of the heat wave.
Abstract: This paper seeks to explain the causes of volatility clustering in exchange rates. Careful examination of intra-daily exchange rates provides a test of two hypotheses-heat waves and meteor showers. The heat wave hypothesis is that the volatility has only country-specific autocorrelation. Alternatively, the meteor shower is a phenomenon of intra-daily volatility spillovers from one market to the next. Using the GARCH model to specify the heteroskedasticity across intra-daily market segments, we find that the empirical evidence is generally against the null hypothesis of the heat wave. Using a volatility type of vector autoregression we examine the impact of news in one market on the time path of per-hour volatility in other markets.
825 citations
Posted Content•
TL;DR: In this paper, the authors define and test a form of market efficiency called market dexterity which requires that asset prices adjust instantaneously and completely in response to new information, and examine the impact of news in one market on the time path of volatility in other markets.
Abstract: This paper defines and tests a form of market efficiency called market dexterity which requires that asset prices adjust instantaneously and completely in response to new information. Examining the behavior of the yen/dollar exchange rate while each of the major markets are open it is possible to test for informational effects from one market to the next. Assuming that news has only country specific autocorrelation such as a heat wave. any intra-daily volatility spillovers (meteor showers) become evidence against market dexterity. ARCII models are employed to model heteroskedasticity across intra-daily market segments. Statistical tests lead to the rejection of the heat wave and therefore the market dexterity hypothesis. Using a volatility type of vector autoregression we examine the impact of news in one market on the time path of volatility in other markets.
811 citations