The microstructure of foreign exchange markets

by Frankel, Jeffrey A. Galli, Giampaolo Giovannini, Alberto

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Title Statements

Full title :The microstructure of foreign exchange markets / edited by Jeffrey A. Frankel, Giampaolo Galli, and Alberto Giovannini.

Summary

"The foreign exchange market is the largest, fastest-growing financial market in the world, featuring approximately $1.3 trillion worth of transactions everyday. Yet conventional macroeconomic approaches do not even attempt to explain why people trade foreign exchange. At the same time, they fail at the task that they do set for themselves, accounting for the short-run determinants of the exchange rate."--BOOK JACKET. "These nine innovative essays use a microstructure approach to analyze the working 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 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 systematic risk in the market."--BOOK JACKET. "This timely volume will be essential reading for anyone interested in international finance."--BOOK JACKET.

Edition Statements

Publication Date:©1996.

Publication Statements

Publisher(s):University of Chicago Press
Place of Publication:Chicago, Ill
Language:eng
Publication Date:©1996.

Notes

Papers 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.

The Physical Object

Description:x, 346 pages : : illustrations ; : 24 cm.

Edition Identifiers

ISBN:0226260003, 9780226260006
oclc:ocm33208516
LC Classification:HG205
Dewey Decimal:332.4/5

Subjects

Change -- Congrès Conference papers and proceedings Devisenmarkt Foreign exchange Foreign exchange -- Congresses Internationales Währungssystem Kongress -- 1994. -- Perugia Marché des changes marché des changes -- congrès Perugia <1994> Taux de change Wisselkoersen Wisselmarkt