LEADER 04263nam 2200673Ia 450 001 9910819197903321 005 20200520144314.0 010 $a1-282-06984-5 010 $a9786612069840 010 $a0-226-26023-2 024 7 $a10.7208/9780226260235 035 $a(CKB)1000000000725078 035 $a(EBL)432139 035 $a(OCoLC)435675995 035 $a(SSID)ssj0000202655 035 $a(PQKBManifestationID)11171755 035 $a(PQKBTitleCode)TC0000202655 035 $a(PQKBWorkID)10255162 035 $a(PQKB)11300530 035 $a(MiAaPQ)EBC432139 035 $a(DE-B1597)535582 035 $a(OCoLC)824153219 035 $a(DE-B1597)9780226260235 035 $a(Au-PeEL)EBL432139 035 $a(CaPaEBR)ebr10288687 035 $a(CaONFJC)MIL206984 035 $a(EXLCZ)991000000000725078 100 $a19950920d1996 uy 0 101 0 $aeng 135 $aur|n|---||||| 181 $ctxt$2rdacontent 182 $cc$2rdamedia 183 $acr$2rdacarrier 200 04$aThe microstructure of foreign exchange markets /$fedited by Jeffrey A. Frankel, Giampaolo Galli, and Alberto Giovannini 205 $a1st ed. 210 $aChicago, Ill. $cUniversity of Chicago Press$dc1996 215 $a1 online resource (x, 346 pages) $cillustrations 225 1 $aA National Bureau of Economic Research conference report 300 $aPapers from a conference sponsored by the Bank of Italy, the National Bureau of Economic Research of Cambridge, USA, and the Centre for Economic Policy Research of London, UK, was held at S.A.DI.BA., the Banca d'Italia's conference center in Perugia, Italy, on July 1-2, 1994. 311 0 $a0-226-26000-3 320 $aIncludes bibliographical references and indexes. 327 $tFrontmatter --$tContents --$tPreface --$tIntroduction --$t1. Risk and Thrnover in the Foreign Exchange Market --$t2. Bid-Ask Spreads in Foreign Exchange Markets: Implications for Models of Asymmetric Information --$t3. Interdealer Trade and Information Flows in a Decentralized Foreign Exchange Market --$t4. One Day in June 1993: A Study of the Working of the Reuters 2000-2 Electronic Foreign Exchange Trading System --$t5. Foreign Exchange Volume: Sound and Fury Signifying Nothing? --$t6. Dynamic Hedging and the Interest Rate Defense --$t7. Heterogeneous Behavior in Exchange Rate Crises --$t8. Exchange Rate Economics: What's Wrong with the Conventional Macro Approach? --$t9. Is There a Safe Passage to EMU? Evidence on Capital Controls and·a Proposal --$tContributors --$tAuthor Index --$tSubject Index 330 $aThe foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance. 410 0$aConference report (National Bureau of Economic Research) 606 $aForeign exchange$vCongresses 606 $aBanks and banking, International 615 0$aForeign exchange 615 0$aBanks and banking, International. 676 $a332.4/5 701 $aFrankel$b Jeffrey A$0118986 701 $aGalli$b G$01656481 701 $aGiovannini$b Alberto$0111410 801 0$bMiAaPQ 801 1$bMiAaPQ 801 2$bMiAaPQ 906 $aBOOK 912 $a9910819197903321 996 $aThe microstructure of foreign exchange markets$94009401 997 $aUNINA