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Explaining Forward Exchange Bias ... Intraday

1995 Foreign exchange futures
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Release : 1995
Genre : Foreign exchange futures
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Book Synopsis Explaining Forward Exchange Bias ... Intraday by : Richard K. Lyons

Download or read book Explaining Forward Exchange Bias ... Intraday written by Richard K. Lyons. This book was released on 1995. Available in PDF, EPUB and Kindle. Book excerpt: Intraday interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the central bank's interest rate defense. In equilibrium, however, buyers of the vulnerable currency must be compensated on average with an intraday capital gain as long as no devaluation occurs. That is, currencies under attack should typically appreciate intraday. Using data on intraday exchange rate changes within the EMS, we find this prediction is borne out.

Explaining forward exchange bias...intraday

1994
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Release : 1994
Genre :
Kind : eBook
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Book Synopsis Explaining forward exchange bias...intraday by : Richard K. Lyons

Download or read book Explaining forward exchange bias...intraday written by Richard K. Lyons. This book was released on 1994. Available in PDF, EPUB and Kindle. Book excerpt:

Explaining Forward Exchange Bias..Intraday

2010
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Release : 2010
Genre :
Kind : eBook
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Book Synopsis Explaining Forward Exchange Bias..Intraday by : Richard K. Lyons

Download or read book Explaining Forward Exchange Bias..Intraday written by Richard K. Lyons. This book was released on 2010. Available in PDF, EPUB and Kindle. Book excerpt: Intraday interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the central bank's interest rate defense. In equilibrium, however, buyers of the vulnerable currency must be compensated on average with an intraday capital gain as long as no devaluation occurs. That is, currencies under attack should typically appreciate intraday. Using data on intraday exchange rate changes within the EMS, we find this prediction is borne out.

Balance of Payments and Exchange Rate Theories

2002-01-01 Business & Economics
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Release : 2002-01-01
Genre : Business & Economics
Kind : eBook
Book Rating : 103/5 ( reviews)

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Book Synopsis Balance of Payments and Exchange Rate Theories by : Norman C. Miller

Download or read book Balance of Payments and Exchange Rate Theories written by Norman C. Miller. This book was released on 2002-01-01. Available in PDF, EPUB and Kindle. Book excerpt: Norman Miller provides a fresh perspective on balance of payments and exchange rate theories, including intertemporal open economy models that focus on the optimum current account. To this end, he proves that any non-zero balance of payments must always be associated with a disequilibrium in either a commodity or an asset market. In this rigorous yet readable book, important welfare and policy implications are carefully examined. Norman Miller develops a new theory of the balance of payments associated with commodity market disequilibrium, a loanable funds theory of exchange rate and a modern foreign exchange market theory of the exchange rate that incorporates capital flows.

The Forward Exchange Rate Bias

1988 Economic forecasting
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Release : 1988
Genre : Economic forecasting
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Book Synopsis The Forward Exchange Rate Bias by : Ross Levine

Download or read book The Forward Exchange Rate Bias written by Ross Levine. This book was released on 1988. Available in PDF, EPUB and Kindle. Book excerpt:

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