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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TL;DR: The authors provided questionnaire evidence on the role of flow analysis for professional traders and fund managers and found that flows more likely provide insight into semi-fundamental private information, suggesting support for the efficient market hypothesis only in a weak form.
Abstract: This paper provides questionnaire evidence on the role of flow analysis for professional traders and fund managers. This evidence suggests that besides fundamental information and technical analysis, the analysis of flows provides an independent third type of information for professionals. The proposition that flows can be used to learn about fundamentals is not consistent with the data. Instead, evidence indicates that flows more likely provide insight into semi-fundamental private information, suggesting support for the efficient market hypothesis only in a weak form.
83 citations
Book•
15 Jul 1997
TL;DR: In this paper, the authors present an overview of International Monetary Systems and Recent Developments in International Financial Markets and give direction to International Financial markets: Regulation and Intervention in the Competitive Marketplace.
Abstract: Part I. Introduction and Overview 1. Introduction to the Study of International Financial Markets 2. An Overview of International Monetary Systems and Recent Developments in International Financial Markets Part II. Foreign Exchange Markets 3. Market Structure and Institutions 4. International Parity Conditions: Purchasing Power Parity 5. International Parity Conditions: Interest Rate Parity and the Fisher Parities 6. Spot Exchange Rate Determination 7. Foreign Exchange Market Efficiency 8. Exchange Rate Forecasting Part III. Offshore Financial Markets 9. The Eurocurrency Market 10. The Eurobond Market Part IV. Derivative Security Markets: Futures, Options, and Swaps 11. Currency and Interest Rate Futures 12. Currency and Interest Rate Options 13. Currency and Interest Rate Swaps Part V. International Asset Portfolios 14. Bond Portfolios 15. Equity Portfolios Part VI. International Asset Portfolios and Financial Risk Management 16. Measuring and Managing the Risk in International Financial Positions Part VII. Regulatory Issues 17. Giving Direction to International Financial Markets: Regulation and Intervention in the Competitive Marketplace.
83 citations
TL;DR: In this article, the authors analyse the effect of exchange rate arrangements on international tourism and find that less flexible exchange rates promote tourism, while more flexible exchange rate regimes promote tourism. But the ambiguity in the literature about exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade.
Abstract: The main objective of this paper is to analyse the effect of exchange rate arrangements on international tourism. The ambiguity in the literature about the effect of exchange rate volatility contrasts with the magnitude of the impact of a common currency on trade. The authors apply panel data techniques to analyse the relevance of a common currency to tourism, finding that it is a major factor in the determination of tourist arrivals. They also analyse the impact of several de facto exchange rate arrangements on tourism, finding that less flexible exchange rates promote tourism.
83 citations
TL;DR: In this paper, the authors present theory and evidence regarding the organization of financial exchange markets and derive conditions under which a member-owned exchange has a monopoly over the trade of a particular financial contract and its close substitutes, and exchange members earn economic rents.
83 citations
TL;DR: In this paper, the authors investigate how difficult it is for investors to verify from observable data if the authorities are in fact following the exchange rate regime that they claim to be following.
83 citations