currencies, and the euro serves as a hedge currency. Results for the yen support its role as a carry funding vehicle, but not … fundamental determinants. We therefore address the question of whether a supposed safe haven currency only appreciates in times of … crises because carry trades are unwound, in which the corresponding currency has served as funding currency, or whether it …

explanatory power for the cross-sectional variation in expected currency market returns, while those of the average dealer provide …

We address the question of whether various types of speculative investor correctly anticipate future USD/EUR currency … favor of a causal relationship from speculative positions to exchange rate movements, and therefore an inefficient Euro …

. Exchange market pressure is a measure of excess currency demand that is applicable across different exchange rate regimes as it …

the world. By tightening financial conditions globally, these shocks affect the left tail of the conditional output growth … flexible exchange rate arrangements, higher foreign currency exposures, and higher levels of private sector leverage …