How Well Do Foreign Exchange Markets Function

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How Well Do Foreign Exchange Markets Function

Author : Jeffrey A. Frankel
Publisher :
ISBN 13 :
Total Pages : 74 pages
Book Rating : 4.:/5 (318 download)

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Book Synopsis How Well Do Foreign Exchange Markets Function by : Jeffrey A. Frankel

Download or read book How Well Do Foreign Exchange Markets Function written by Jeffrey A. Frankel and published by . This book was released on 1996 with total page 74 pages. Available in PDF, EPUB and Kindle. Book excerpt: Figures for 1995 estimate trading by dealers in the foreign exchange market at over $1,200 billion per day, most of it with other dealers. Some have linked this volume to concerns of excessive volatility in the market. Tobin's proposal to address this volatility with a small tax on all foreign exchange transactions has not received the serious attention it deserves. The paper argues that a better case can be made for the proposition that the tax might dampen exchange rate volatility than most economists believe. Calculations show that the tax, unlike some forms of capital control, would fall far more heavily on short-term transactions than long-term. Survey data and a simple model suggest, in turn, that short-term activity can be destabilizing. The paper also offers crude estimates of the revenue that would be raised from the Tobin tax. It is left to other authors to examine a major shortcoming of the proposal, enforceability.

The Psychology of the Foreign Exchange Market

Author : Thomas Oberlechner
Publisher : John Wiley & Sons
ISBN 13 : 0470012013
Total Pages : 278 pages
Book Rating : 4.4/5 (7 download)

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Book Synopsis The Psychology of the Foreign Exchange Market by : Thomas Oberlechner

Download or read book The Psychology of the Foreign Exchange Market written by Thomas Oberlechner and published by John Wiley & Sons. This book was released on 2005-07-08 with total page 278 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book demystifies the foreign exchange market by focusing on the people who comprise it. Drawing on the expertise of the very professionals whose decisions help shape the market, Thomas Oberlechner describes the highly interdependent relationship between financial decision makers and news providers, showing that the assumption that the foreign exchange market is purely economic and rational has to be replaced by a more complex market psychology.

How the Foreign Exchange Market Works

Author : Rudi Weisweiller
Publisher : Prentice Hall
ISBN 13 :
Total Pages : 236 pages
Book Rating : 4.3/5 (512 download)

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Book Synopsis How the Foreign Exchange Market Works by : Rudi Weisweiller

Download or read book How the Foreign Exchange Market Works written by Rudi Weisweiller and published by Prentice Hall. This book was released on 1990 with total page 236 pages. Available in PDF, EPUB and Kindle. Book excerpt: The growth of international business and the spread of multinational corporations have made the dynamic foreign exchange market a major concern for business in the 1990s and beyond. How the Foreign Exchange Market Works helps investors make profitable choices in this market.

Foreign Exchange

Author : Tim Weithers
Publisher : John Wiley & Sons
ISBN 13 : 1118046218
Total Pages : 290 pages
Book Rating : 4.1/5 (18 download)

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Book Synopsis Foreign Exchange by : Tim Weithers

Download or read book Foreign Exchange written by Tim Weithers and published by John Wiley & Sons. This book was released on 2011-03-10 with total page 290 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Foreign Exchange "Tim Weithers starts by telling the reader that foreign exchange is not difficult, just confusing, but Foreign Exchange: A Practical Guide to the FX Markets proves that money is much more exciting than anything it buys. This useful book is a whirlwind tour of the world's largest market, and the tour guide is an expert storyteller, inserting numerous fascinating insights and quirky facts throughout the book." -John R. Taylor, Chairman, CEO and CIO, FX Concepts "The book reflects the author's doctorate from the University of Chicago, several years' experience as an economics professor, and, most recently, a very successful decade as an executive at a huge international bank. These fundamental ingredients are seasoned with bits of wisdom and experience. What results is a very tasty intellectual stew." -Professor Jack Clark Francis, PhD, Professor of Economics and Finance, Bernard Baruch College "In this book, Tim Weithers clearly explains a very complicated subject. Foreign Exchange is full of jargon and conventions that make it very hard for non-professionals to gain a good understanding. Weither's book is a must for any student or professional who wants to learn the secrets of FX." -Niels O. Nygaard, Director of Financial Mathematics, The University of Chicago "An excellent text for students and practitioners who want to become acquainted with the arcane world of the foreign exchange market." -David DeRosa, PhD, founder, DeRosa Research and Trading, Inc., and Adjunct Professor of Finance, Yale School of Management "Tim Weithers provides a superb introduction to the arcana of foreign exchange markets. While primarily intended for practitioners, the book would be a valuable introduction for students with some knowledge of economics. The text is exceptionally clear with numeric examples and exercises that reinforce concepts. Frequent references are made to the economic theory behind the trading practices." -John F. O'Connell, Professor of Economics, College of the Holy Cross

Exchange Rates and International Financial Economics

Author : J. Kallianiotis
Publisher : Springer
ISBN 13 : 1137318880
Total Pages : 333 pages
Book Rating : 4.1/5 (373 download)

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Book Synopsis Exchange Rates and International Financial Economics by : J. Kallianiotis

Download or read book Exchange Rates and International Financial Economics written by J. Kallianiotis and published by Springer. This book was released on 2013-10-02 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: The recent financial crisis has troubled the US, Europe, and beyond, and is indicative of the integrated world in which we live. Today, transactions take place with the use of foreign currencies, and their values affect the nations' economies and their citizens' welfare. Exchange Rates and International Financial Economics provides readers with the historic, theoretical, and practical knowledge of these relative prices among currencies. While much of the previous work on the topic has been simply descriptive or theoretical, Kallianiotis gives a unique and intimate understanding of international exchange rates and their place in an increasingly globalized world.

The Forward Market in Foreign Exchange

Author : Brendan Brown
Publisher : Routledge
ISBN 13 : 1351802143
Total Pages : 158 pages
Book Rating : 4.3/5 (518 download)

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Book Synopsis The Forward Market in Foreign Exchange by : Brendan Brown

Download or read book The Forward Market in Foreign Exchange written by Brendan Brown and published by Routledge. This book was released on 2017-04-21 with total page 158 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1983. With the prevailing uncertainties and wild fluctuation in exchange values at the time, the forward market in foreign exchange had become a vital issue for both governments and business corporations. This book by an expert practitioner in foreign exchange dealing describes how the forward market functions and analyses the constituent elements in its behaviour. The two principal types of foreign exchange deal are examined; forward outright and swap, and explanations are given of how both operate. The linkage between forward rates and interest rates is also considered and the book investigates what factors cause deviation from parity conditions. In addition, there is a discussion of political risk and the forward contract and the role of speculation in forward exchange as well as the methods of hedging.

The Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets

Author : R. Hodrick
Publisher : Routledge
ISBN 13 : 1136455213
Total Pages : 185 pages
Book Rating : 4.1/5 (364 download)

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Book Synopsis The Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets by : R. Hodrick

Download or read book The Empirical Evidence on the Efficiency of Forward and Futures Foreign Exchange Markets written by R. Hodrick and published by Routledge. This book was released on 2014-05-01 with total page 185 pages. Available in PDF, EPUB and Kindle. Book excerpt: First Published in 2001. Routledge is an imprint of Taylor & Francis, an informa company.

The Basics of Foreign Exchange Markets

Author : William D. Gerdes
Publisher : Business Expert Press
ISBN 13 : 1947098713
Total Pages : 111 pages
Book Rating : 4.9/5 (47 download)

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Book Synopsis The Basics of Foreign Exchange Markets by : William D. Gerdes

Download or read book The Basics of Foreign Exchange Markets written by William D. Gerdes and published by Business Expert Press. This book was released on 2018-03-19 with total page 111 pages. Available in PDF, EPUB and Kindle. Book excerpt: In an increasingly interdependent global economy, an understanding of foreign exchange markets is more critical than ever. These markets are inextricably entwined with underlying monetary standards and consequently they are treated conjointly in this book. Four different foreign exchange rate regimes are analyzed including exchange rates under commodity money, fiduciary money, fiat money (with fixed exchange rates), and fiat money (with flexible exchange rates). For more than eight decades, most countries have operated with fiat money. Proponents maintain that fiat money provides individual countries with much greater monetary autonomy. Yet both analytics and experience indicate that this is not always the case. Whether a country has more monetary autonomy depends on whether fiat money is paired with fixed or flexible exchange rates. Although flexible exchange rate regimes are not without their critics, it has become increasingly apparent that fiat money with flexible rates provides individual countries much greater monetary autonomy. This arrangement allows participants in foreign exchange markets greater latitude for adjusting to the wide variations in national monetary policies that are prevalent with fiat money. Several audiences may find this book beneficial: undergraduate students in economics and finance, students of international business, graduate students, students in executive programs who need to expand their knowledge of international finance, and practicing executives and managers—especially those who are employed by companies operating globally.

Handbook of Exchange Rates

Author : Jessica James
Publisher : John Wiley & Sons
ISBN 13 : 1118445775
Total Pages : 674 pages
Book Rating : 4.1/5 (184 download)

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Book Synopsis Handbook of Exchange Rates by : Jessica James

Download or read book Handbook of Exchange Rates written by Jessica James and published by John Wiley & Sons. This book was released on 2012-05-29 with total page 674 pages. Available in PDF, EPUB and Kindle. Book excerpt: Praise for Handbook of Exchange Rates “This book is remarkable. I expect it to become the anchor reference for people working in the foreign exchange field.” —Richard K. Lyons, Dean and Professor of Finance, Haas School of Business, University of California Berkeley “It is quite easily the most wide ranging treaty of expertise on the forex market I have ever come across. I will be keeping a copy close to my fingertips.” —Jim O’Neill, Chairman, Goldman Sachs Asset Management How should we evaluate the forecasting power of models? What are appropriate loss functions for major market participants? Is the exchange rate the only means of adjustment? Handbook of Exchange Rates answers these questions and many more, equipping readers with the relevant concepts and policies for working in today’s international economic climate. Featuring contributions written by leading specialists from the global financial arena, this handbook provides a collection of original ideas on foreign exchange (FX) rates in four succinct sections: • Overview introduces the history of the FX market and exchange rate regimes, discussing key instruments in the trading environment as well as macro and micro approaches to FX determination. • Exchange Rate Models and Methods focuses on forecasting exchange rates, featuring methodological contributions on the statistical methods for evaluating forecast performance, parity relationships, fair value models, and flow–based models. • FX Markets and Products outlines active currency management, currency hedging, hedge accounting; high frequency and algorithmic trading in FX; and FX strategy-based products. • FX Markets and Policy explores the current policies in place in global markets and presents a framework for analyzing financial crises. Throughout the book, topics are explored in-depth alongside their founding principles. Each chapter uses real-world examples from the financial industry and concludes with a summary that outlines key points and concepts. Handbook of Exchange Rates is an essential reference for fund managers and investors as well as practitioners and researchers working in finance, banking, business, and econometrics. The book also serves as a valuable supplement for courses on economics, business, and international finance at the upper-undergraduate and graduate levels.

The Economics of Foreign Exchange and Global Finance

Author : Peijie Wang
Publisher : Springer Science & Business Media
ISBN 13 : 9783540212379
Total Pages : 376 pages
Book Rating : 4.2/5 (123 download)

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Book Synopsis The Economics of Foreign Exchange and Global Finance by : Peijie Wang

Download or read book The Economics of Foreign Exchange and Global Finance written by Peijie Wang and published by Springer Science & Business Media. This book was released on 2005 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt: The book presents all major subjects in international monetary theory, foreign exchange markets, international financial management and investment analysis. The book is relevant to real world problems in the sense that it provides guidance on how to solve policy issues as well as practical management tasks. This in turn helps the reader to gain an understanding of the theory and refines the framework. Various topics are interlinked so the book adopts a systematic treatment of integrated materials relating different theories under various circumstances and combining theory with practice. The text examines issues in international monetary policy and financial management in a practical way, focusing on the identification of the factors and players in foreign exchange markets and the international finance arena. The book can be used in graduate and advanced undergraduate programmes in international or global finance, international monetary economics, and international financial management.

Currency Competition and Foreign Exchange Markets

Author : Philipp Hartmann
Publisher : Cambridge University Press
ISBN 13 : 0521632730
Total Pages : 212 pages
Book Rating : 4.5/5 (216 download)

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Book Synopsis Currency Competition and Foreign Exchange Markets by : Philipp Hartmann

Download or read book Currency Competition and Foreign Exchange Markets written by Philipp Hartmann and published by Cambridge University Press. This book was released on 1998-12-10 with total page 212 pages. Available in PDF, EPUB and Kindle. Book excerpt: Currency Competition and Foreign Exchange Markets by Philipp Hartmann of the European Central Bank is a major theoretical and empirical study of international currencies, which focuses on the role which the Euro will play in the international monetary and financial system along with the US dollar and the Japanese yen. In contrast to much of the existing literature which approaches the subject from a macroeconomic perspective, Philipp Hartmann develops a theoretical model which uses game theory, time series and panel econometrics, and links financial markets analysis with transaction cost economics. The results of Currency Competition and Foreign Exchange Markets are presented with reference to political, historical and institutional considerations, and provide accessible answers to policy-makers, business people and scholars worldwide. The sections on Spread Estimation and Multiple Vehicles with Inter-Dealer Price and Entry Competition will be of particular use for finance professionals.

An Introduction to Foreign Exchange & Money Markets

Author : Reuters Limited, London, UK
Publisher : Wiley
ISBN 13 : 9780471831280
Total Pages : 0 pages
Book Rating : 4.8/5 (312 download)

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Book Synopsis An Introduction to Foreign Exchange & Money Markets by : Reuters Limited, London, UK

Download or read book An Introduction to Foreign Exchange & Money Markets written by Reuters Limited, London, UK and published by Wiley. This book was released on 1999-07-01 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: The Reuters Financial Training Series An Introduction to Foreign Exchange & Money Markets A new concept in financial education training, An Introduction to Foreign Exchange & Money Market is guides novices through the intricacies of the world's wealthiest capital exchange markets. This book sets out to give a clear understanding of how and why these markets function, and explains the associated jargon. Readers will be able to take a more detailed look at Money Market and Foreign Exchange instruments and will be able to examine, in particular, the parameters which must be defined in order to place a value on these instruments, together with basic valuation techniques. Key features include: * Introductory sections defining terms and giving background to theories * Examples and calculations of various types of foreign exchange and money market transactions and instruments * Summaries and overviews at the end of each chapter recapitulating key points and definitions * Quick quiz questions and answers to reinforce learning * Further resources which point to other books, articles and internet tools to widen readers' comprehension and entrench their foundation in the subject. Each book in the series is supported by the Wiley-Reuters Financial Training web site (www.wiley-rft.reuters.com). This regularly updated site offers a range of screens taken directly from the Reuters terminal, information on professional exams, web links to key institutional finance web sites and much more. This book will be of particular interest to novice traders, investors and trainers in financial institutions looking for a key introductory text. Endorsed by ACI Education, the educational arm of ACI - The Financial Markets Association, the book provides a comprehensive study for anyone and everyone involved in Foreign Exchange and Money Markets.

Inside the Currency Market

Author : Brian Twomey
Publisher : John Wiley & Sons
ISBN 13 : 1118149351
Total Pages : 336 pages
Book Rating : 4.1/5 (181 download)

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Book Synopsis Inside the Currency Market by : Brian Twomey

Download or read book Inside the Currency Market written by Brian Twomey and published by John Wiley & Sons. This book was released on 2011-10-04 with total page 336 pages. Available in PDF, EPUB and Kindle. Book excerpt: A complete resource to trading today's currency market Currency movements are impacted by a variety of factors, including interest rates, trade balances, inflation levels, monetary and fiscal policies, and the political climate. Traders use both fundamental data and a variety of technical tools to trade within this market. Inside the Currency Market describes both the underlying dynamics that drive this market and the strategies that can help you capture consistent profits in it. Page by page, this reliable guide skillfully discusses the structure of the market, its roles in the global economy, the forces that drive currency values, trading strategies, and tactics. It also offers a detailed understanding of how global financial flows, derivatives, and other markets such as oil and gold impact currencies. Along the way, author and professor Brian Twomey provides information on gathering and analyzing global financial data so that traders can gain a "big-picture" perspective when attempting to identify trades. Explains virtually every element of the market and can function as a desk reference that puts everyday events into context for traders Fundamentally driven trades based on interest rate differentials and trade imbalances are discussed, as well as technical trades involving chart patterns, trends, and trading ranges Each chapter contains questions and answers to help readers master the material The currency market continues to generate interest and attract new retail traders due to the many opportunities available within it. This book will show you how to successfully operate within this arena by making the most informed trading decisions possible.

The Microstructure of Foreign Exchange Markets

Author : Jeffrey A. Frankel
Publisher : University of Chicago Press
ISBN 13 : 0226260232
Total Pages : 358 pages
Book Rating : 4.2/5 (262 download)

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Book Synopsis The Microstructure of Foreign Exchange Markets by : Jeffrey A. Frankel

Download or read book The Microstructure of Foreign Exchange Markets written by Jeffrey A. Frankel and published by University of Chicago Press. This book was released on 2009-05-15 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: The 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.

Expectations and the Foreign Exchange Market

Author : Craig Hakkio
Publisher : Routledge
ISBN 13 : 1351801686
Total Pages : 100 pages
Book Rating : 4.3/5 (518 download)

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Book Synopsis Expectations and the Foreign Exchange Market by : Craig Hakkio

Download or read book Expectations and the Foreign Exchange Market written by Craig Hakkio and published by Routledge. This book was released on 2017-04-21 with total page 100 pages. Available in PDF, EPUB and Kindle. Book excerpt: Originally published in 1984. This book examines two important dimensions of efficiency in the foreign exchange market using econometric techniques. It responds to the macroeconomics trend to re-examining the theories of exchange rate determination following the erratic behaviour of exchange rates in the late 1970s. In particular the text looks at the relation between spot and forward exchange rates and the term structure of the forward premium, both of which require a joint test of market efficiency and the equilibrium model. Approaches used are the regression of spot rates on lagged forward rates and an explicit time series analysis of the spot and forward rates, using data from Canada, the United Kingdom, the Netherlands, Switzerland and Germany.

Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets

Author : Jay Norris
Publisher : McGraw Hill Professional
ISBN 13 : 0071713700
Total Pages : 319 pages
Book Rating : 4.0/5 (717 download)

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Book Synopsis Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets by : Jay Norris

Download or read book Mastering the Currency Market: Forex Strategies for High and Low Volatility Markets written by Jay Norris and published by McGraw Hill Professional. This book was released on 2009-12-04 with total page 319 pages. Available in PDF, EPUB and Kindle. Book excerpt: Make Volatility and Risk Work for You with Forex Trading! “This book should be in every trader/investor’s library. As we come out of this depressed market . . . this book can be your companion, helping you avoid mistakes and enhance your trading/investment program.” —Bill M. Williams, author of Trading Chaos “Whether you’re just getting started trading the world’s most exciting financial market, or you’re looking to add to your trading edge, [the authors] have written an engaging book packed with powerful techniques that you can use right now.” —Rob Booker, trader, author, educator, and founder and host of TraderRadio.net The foreign exchange market is the largest trading market in the world, with average daily volume well into the trillions. Because the market is always characterized by high liquidity, forex traders benefit most from volatile markets—making it the ideal investment approach today and well into the future. Mastering the Currency Market is a comprehensive guide to currency and futures trading strategies and techniques for both highly volatile and nonvolatile markets. Putting to work their vast and highly diverse experience in forex trading, the authors explain how to take advantage of the many benefits of foreign exchange trading, including its low cost of entry afforded by margin, and the dynamic pricing by nature of the competitive marketplace. Mastering the Currency Market is divided into five sections covering: The basics of trading currencies Fundamental analysis of price valuation Technical analysis and trading charts Trading philosophy and psychological discipline Volatility and risk management With four decades of combined experience, the authors clearly communicate to you a trading method that will give you the confidence to both analyze markets and execute trades successfully, regardless of underlying market conditions. As 2008 introduced nightmare scenarios for investors around the world, it was Al Gaskill’s most productive period of his trading career. He used the same trading methods spelled out in this book. Apply the lessons inside and you’ll see profits rise during periods of high market volatility, and when the market slows down, you can downshift to countertrending methods. It’s a win-win investing method, and Mastering the Currency Market leads you through it every step of the way.

Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework

Author : Romain Lafarguette
Publisher : International Monetary Fund
ISBN 13 : 1513569406
Total Pages : 33 pages
Book Rating : 4.5/5 (135 download)

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Book Synopsis Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework by : Romain Lafarguette

Download or read book Foreign Exchange Intervention Rules for Central Banks: A Risk-based Framework written by Romain Lafarguette and published by International Monetary Fund. This book was released on 2021-02-12 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper presents a rule for foreign exchange interventions (FXI), designed to preserve financial stability in floating exchange rate arrangements. The FXI rule addresses a market failure: the absence of hedging solution for tail exchange rate risk in the market (i.e. high volatility). Market impairment or overshoot of exchange rate between two equilibria could generate high volatility and threaten financial stability due to unhedged exposure to exchange rate risk in the economy. The rule uses the concept of Value at Risk (VaR) to define FXI triggers. While it provides to the market a hedge against tail risk, the rule allows the exchange rate to smoothly adjust to new equilibria. In addition, the rule is budget neutral over the medium term, encourages a prudent risk management in the market, and is more resilient to speculative attacks than other rules, such as fixed-volatility rules. The empirical methodology is backtested on Banco Mexico’s FXIs data between 2008 and 2016.