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Record Nr. |
UNINA9910829921603321 |
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Autore |
Henderson Callum |
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Titolo |
Currency strategy [[electronic resource] ] : the practitioner's guide to currency investing, hedging and forecasting / / Callum Henderson |
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Pubbl/distr/stampa |
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Chichester, England ; ; Hoboken, NJ, : John Wiley & Sons, c2006 |
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ISBN |
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1-119-20918-8 |
1-280-44885-7 |
9786610448852 |
0-470-02973-0 |
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Edizione |
[2nd ed.] |
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Descrizione fisica |
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1 online resource (265 p.) |
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Collana |
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Disciplina |
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Soggetti |
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Foreign exchange |
Hedging (Finance) |
Speculation |
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Lingua di pubblicazione |
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Formato |
Materiale a stampa |
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Livello bibliografico |
Monografia |
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Note generali |
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Description based upon print version of record. |
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Nota di bibliografia |
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Includes bibliographical references and index. |
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Nota di contenuto |
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Currency Strategy; Contents; Preface to the Second Edition; Acknowledgements; About the Author; Introduction; Part One Theory and Practice; 1 Fundamental Analysis: The Strengths and Weaknesses of Traditional Exchange Rate Models; 1.1 Purchasing Power Parity; 1.1.1 Reasons for "Misalignments"; 1.1.2 Tradable and Non-Tradable Goods; 1.1.3 PPP and Corporate Pricing Strategy; Example 1; Example 2; 1.1.4 PPP and the Real Exchange Rate; 1.2 The Monetary Approach; 1.2.1 Mundell-Fleming; 1.2.2 Theory vs. Practice; 1.2.3 A Multi-Polar rather than a Bi-Polar Investment World |
1.2.4 Two Legs but not Three1.2.5 Implications for New EU Member States; 1.3 The Interest Rate Approach; 1.3.1 Real Interest Rate Differentials and Exchange Rates; 1.4 The Balance of Payments Approach; 1.4.1 A Fixed Exchange Rate Regime; 1.4.2 A Floating Exchange Rate Regime; 1.4.3 The External Balance and the Real Exchange Rate; 1.4.4 REER and FEER; 1.4.5 Terms of Trade; 1.4.6 Productivity; 1.5 The Portfolio Balance Approach Example; Example; 1.6 Summary; 2 Currency Economics: A More Focused Framework; 2.1 |
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Currencies are Different; 2.1.1 (In)Efficient Markets |
2.1.2 Speculation and Exchange Rates: Cause, Effect and the Cycle Example2.1.3 Risk Appetite Indicators and Exchange Rates; 2.2 Currency Economics; 2.2.1 The Standard Accounting Identity for Economic Adjustment; Example 1; Example 2; 2.2.2 The J-Curve; Example; 2.2.3 The Real Effective Exchange Rate; 2.3 Summary; 3 Flow: Tracking the Animal Spirits; 3.1 Some Examples of Flow Models; 3.1.1 Short-Term Flow Models; 3.1.2 Medium-Term Flow Models; 3.1.3 Option Flow/Sentiment Models; 3.2 Speculative and Non-Speculative Flows; 3.3 Summary; 4 Technical Analysis: The Art of Charting |
4.1 Origins and Basic Concepts4.2 The Challenge of Technical Analysis; 4.3 The Art of Charting; 4.3.1 Currency Order Dynamics and Technical Levels; 4.3.2 The Study of Trends; 4.3.3 Psychological Levels; 4.4 Schools of (Technical) Thought; 4.5 Technical Analysis and Currency Market Practitioners; Part Two Regimes and Crises; 5 Exchange Rate Regimes: Fixed or Floating?; 5.1 An Emerging World; 5.2 A Brief History of Emerging Market Exchange Rates; 5.2.1 The Rise of Capital Flows; 5.2.2 Openness to Trade; 5.3 Fixed and Pegged Exchange Rate Regimes; 5.3.1 The Currency Board |
5.3.2 Fear and Floating5.3.3 The Monetary Anchor of Credibility; 5.4 Exchange Rate Regime Sustainability - A Bi-Polar World?; 5.5 The Realworld Relevance of the Exchange Rate Regime; 5.6 Summary; 6 Model Analysis: Can Currency Crises be Predicted?; 6.1 A Model for Pegged Exchange Rates; 6.1.1 Phase I: Capital Inflows and Real Exchange Rate Appreciation; 6.1.2 Phase II: The Irresistible Force and the Moveable Object; 6.1.3 Phase III: The Liquidity Rally; 6.1.4 Phase IV: The Economy Hits Bottom; 6.1.5 Phase V: The Fundamental Rally; 6.2 A Model for Freely Floating Exchange Rates |
6.2.1 Phase I: Capital Inflows and Real Exchange Rate Appreciation |
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Sommario/riassunto |
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Currency Strategy, Second Edition develops new techniques and explains classic tools available for predicting, managing, and optimizing fluctuations in the currency markets. Author Callum Henderson shows readers ho to use mathematical models to assist in the prediction of crises and gives practical advice on how to use these and other tools successfully. Given there such huge focus on China at the moment, the timing of this new edition is particularly important. The new edition will feature a thorough update on the key developments in the past 3 years, new chapters on emerging markets |
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