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Japan's Big Bang and the Transformation of Financial Markets

Ito, Takatoshi - 1999

A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper … the deregulation. Intra-day data are analyzed with the following results: (1) Holding constant the effects of volume and … volatility, the deregulation was associated with a convergence of Japanese quoted spreads toward those of other banks. (2 …

Persistent link: https://www.econbiz.de/10012471543

Autopsy on an Empire : Understanding Mortality in Russia and the Former Soviet Union

Brainerd, Elizabeth - 2004

Male life expectancy at birth fell by over six years in Russia between 1989 and 1994. Many other countries of the …

Persistent link: https://www.econbiz.de/10012467821

Does Knowledge Accumulation Increase the Returns to Collaboration?

Agrawal, Ajay - 2013

We conduct the first empirical test of the knowledge burden hypothesis, one of several theories advanced to explain increasing team sizes in science. For identification, we exploit the collapse of the USSR as an exogenous shock to the knowledge frontier causing a sudden release of previously...

Persistent link: https://www.econbiz.de/10012458968

Strategic Trading in a Two-Sided Foreign Exchange Auction

Goldberg, Linda - 1995

The market microstructure chosen for foreign exchange markets can influence trading volumes and equilibrium exchange rates. With emerging markets and developing countries increasingly utilizing two- sided auctions, we show that the choice of the discrete 't

Persistent link: https://www.econbiz.de/10012473692

Exchange Rate Economics : 1986

Dornbusch, Rudiger - 1986

In the past fifteen years key exchange rates have moved in larger and more persistent ways than advocates of flexible rates in the late 1960s would have left anyone free to imagine. Certainly there was no expectation of constancy for nominal exchange rates. But real exchange rate movements of 30...

Persistent link: https://www.econbiz.de/10012476999

Profitability and Stability in International Currency Markets

Bilson, John F. O. - 1981

A number of recent empirical studies have rejected the hypothesis that forward exchange rates are unbiased forecasts of future spot exchange rates. This result implies that there have been opportunities for speculative profit during the post Bretton Woods period. Observers of the floating rate...

Persistent link: https://www.econbiz.de/10012478457

Exchange Rates, Money and Relative Prices : The Dollar-Pound in the 1920's

Clements, Kenneth W. - 1980

This paper applies the analytical framework of the monetary approach to exchange rate determination to the analysis of the Dollar/Pound exchange rate during the first part of the 1920's. The analysis uses monthly data up to the return of Britain to gold in 1925. The equilibrium exchange rate is...

Persistent link: https://www.econbiz.de/10012478716

Cross Country Effects of Sterilization, Reserve Currencies and Foreign Exchange Information

Marston, Richard C. - 1979

This study examines the international repercussions of national sterilization policies under fixed exchange rates and managed flexibility. The effects of sterilization on the country pursuing the policy are well-known, but the adverse effects on other countries have not been adequately explored....

Persistent link: https://www.econbiz.de/10012478757

Vehicle Currencies And the Structure Of International Exchange

Krugman, Paul R. - 1979

This paper is concerned with the reasons why some currencies, such as the pound sterling and the U.S. dollar, have come to serve as "vehicles" for exchanges of other currencies. It develops a three-country model of payments equilibrium with transaction costs, and shows how one currency can...

Persistent link: https://www.econbiz.de/10012478814

Good Carry, Bad Carry

Bekaert, Geert - 2019

We distinguish between "good" and "bad" carry trades constructed from G-10 currencies. The good trades exhibit higher Sharpe ratios and sometimes positive return skewness, in contrast to the bad trades that have both substantially lower Sharpe ratios and highly negative return skewness....

Persistent link: https://www.econbiz.de/10012479376

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