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Speculation Hedging And Intermediation In The Foreign Exchange Market
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Book Synopsis Bank Privatization and Productivity by : Márcio Issao Nakane
Download or read book Bank Privatization and Productivity written by Márcio Issao Nakane and published by World Bank Publications. This book was released on 2005 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Over the past decade, the Brazilian banking industry has undergone major and deep transformations with several privatizations of state-owned banks, mergers and acquisitions, closing down of troubled banks, entry by foreign banks, and so on. The purpose of this paper is to evaluate the impacts of these changes in banking on total factor productivity. The authors first obtain measures of bank level productivity by employing the techniques due to Levinsohn and Petrin (2003). They then relate such measures to a set of bank characteristics. Their main results indicate that state-owned banks are less productive than their private peers, and that privatization has increased productivity.
Book Synopsis Speculation, Hedging and Intermediation in the Foreign Exchange Market by : Malte Krüger
Download or read book Speculation, Hedging and Intermediation in the Foreign Exchange Market written by Malte Krüger and published by . This book was released on 1996 with total page 89 pages. Available in PDF, EPUB and Kindle. Book excerpt:
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.
Author :Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico Publisher : ISBN 13 :9789291319626 Total Pages :0 pages Book Rating :4.3/5 (196 download)
Book Synopsis Market Volatility and Foreign Exchange Intervention in EMEs by : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Download or read book Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Hedge Funds, Financial Intermediation, and Systemic Risk by : John Kambhu
Download or read book Hedge Funds, Financial Intermediation, and Systemic Risk written by John Kambhu and published by DIANE Publishing. This book was released on 2008-04 with total page 214 pages. Available in PDF, EPUB and Kindle. Book excerpt: Hedge funds have become important players in the U.S. & global capital markets. These largely unregulated funds use: a variety of complex trading strategies & instruments, in their liberal use of leverage, in their opacity to outsiders, & in their convex compensation structure. These differences can exacerbate market failures associated with agency problems, externalities, & moral hazard. Counterparty credit risk mgmt. (CCRM) practices are the first line of defense against market disruptions with potential systemic consequences. This article examines how the unique nature of hedge funds may generate market failures that make CCRM for exposures to the funds intrinsically more difficult to manage, both for regulated institutions & for policymakers. Ill.
Book Synopsis Speculation, Hedging and Intermediation in the Foreign Exchange Market by : Malte Krueger
Download or read book Speculation, Hedging and Intermediation in the Foreign Exchange Market written by Malte Krueger and published by . This book was released on 2008 with total page 77 pages. Available in PDF, EPUB and Kindle. Book excerpt: In this study, it is attempted to estimate the amount of speculation in foreign exchange markets. Such an estimate is hard to make because it is theoretically as well as empirically difficult to delimitate speculation in relation to other activities. In particular, the destination between speculation and hedging is highly problematic. Notwithstanding these difficulties it is shown how the composition of gross flows can be used to derive information about speculation and hedging.In an extensive analysis of the interconnections of various fx market activities it is shown that hedging may generate large short-term capital flows which cannot be easily distinguished from speculation. The size of these flows does not only depend on capital and trade flows but also on net and gross stocks of foreign assets and liabilities.Based on these findings, an analysis of capital flows between Spain and the rest of the world shows that a larger part than earlier believed of the capital outflows during the EMS crisis may have been due to hedging. The second case study which focuses on Japan reveals remarkable changes in the behaviour of Japanese and/or foreign investors.What are the implications for economic policy? The study highlights the significance of stocks of open fx positions of foreigners and residents. If these stocks have been accumulating over many years, any crisis of confidence may trigger large outflows due to hedging, the size of which may by far be more important than the potential amount of speculation. Such hedging activities would hardly be deterred by a Tobin-tax or similar devices.
Book Synopsis Covered Interest Parity Deviations: Macrofinancial Determinants by : Mr.Eugenio M Cerutti
Download or read book Covered Interest Parity Deviations: Macrofinancial Determinants written by Mr.Eugenio M Cerutti and published by International Monetary Fund. This book was released on 2019-01-16 with total page 36 pages. Available in PDF, EPUB and Kindle. Book excerpt: For about three decades until the Global Financial Crisis (GFC), Covered Interest Parity (CIP) appeared to hold quite closely—even as a broad macroeconomic relationship applying to daily or weekly data. Not only have CIP deviations significantly increased since the GFC, but potential macrofinancial drivers of the variation in CIP deviations have also become significant. The variation in CIP deviations seems to be associated with multiple factors, not only regulatory changes. Most of these do not display a uniform importance across currency pairs and time, and some are associated with possible temporary considerations (such as asynchronous monetary policy cycles).
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.
Book Synopsis Guide to Financial Markets by : Marc Levinson
Download or read book Guide to Financial Markets written by Marc Levinson and published by The Economist. This book was released on 2018-07-24 with total page 250 pages. Available in PDF, EPUB and Kindle. Book excerpt: The revised and updated 7th edition of this highly regarded book brings the reader right up to speed with the latest financial market developments, and provides a clear and incisive guide to a complex world that even those who work in it often find hard to understand. In chapters on the markets that deal with money, foreign exchange, equities, bonds, commodities, financial futures, options and other derivatives, the book examines why these markets exist, how they work, and who trades in them, and gives a run-down of the factors that affect prices and rates. Business history is littered with disasters that occurred because people involved their firms with financial instruments they didn't properly understand. If they had had this book they might have avoided their mistakes. For anyone wishing to understand financial markets, there is no better guide.
Book Synopsis Initiating a True International Currency by : Abdurrahman Arum Rahman
Download or read book Initiating a True International Currency written by Abdurrahman Arum Rahman and published by Global Currency Initiative. This book was released on 2021-12-13 with total page 578 pages. Available in PDF, EPUB and Kindle. Book excerpt: The US dollar and the euro are not true international currencies, but the currencies of the United States and the Euro, which are “adopted” into international currencies. We designed a truly international currency that is controlled jointly by all (member) countries in the world in a democratic and decentralized manner. The name of the system is organic. The organic system issues an international currency called organic currency. The organic currency is only for international transactions between member countries. Meanwhile, domestic transactions still use their respective national currencies. This system can provide international currency and FX reserves to all (member) countries in the world for free. This system can free all countries from government foreign debt, maintain a balance of payments, make the international monetary system stable, and eliminate the monetary crisis from its roots. This system can start from a small scale, such as ASEAN, South Asia, East Asia, Middle East, Latin America, East Africa, West, Central, and other regions. Unlike the Euro model, this system does not require economic integration. So all countries in the world can join in their condition as they are. In this third edition book, we deepen the theory, improve the plot, sharpen the analysis, add examples, remove some less essential parts, and add references to raise academic standards. We maintain a very simple writing system, easy to read, accompanied by empirical examples and easy-to-understand illustrations. We want the discussion of the international economic and monetary system to be “friendly” for all and “not scary”. We avoid very technical terms. Even if there are, we always provide very simple explanations and illustrations. Everyone can read this book. Because international currency is of public interest. Every individual on earth has the right to know clearly.
Book Synopsis Establishing a Foreign Exchange Futures Market in China by : Mr. Zhongxia Jin
Download or read book Establishing a Foreign Exchange Futures Market in China written by Mr. Zhongxia Jin and published by International Monetary Fund. This book was released on 2021-11-12 with total page 22 pages. Available in PDF, EPUB and Kindle. Book excerpt: During China’s transition toward a more flexible exchange rate, it is essential to further develop its foreign exchange (FX) derivatives markets to meet the growing hedging needs associated with greater exchange rate fluctuations. Although over-the-counter (OTC) FX derivatives markets already exist in China, it lacks a FX futures market that offers critical complementarities. With standardized products, greater transparency and centralized oversight, a FX futures market can better satisfy the hedging needs of small and medium-sized enterprises and enhance regulatory efficiency. To address concerns regarding whether FX futures market will amplify the volatility of spot exchange rates, this paper analyzes the impact of establishing FX futures markets on spot market volatility using data from major emerging market economies. The result shows that FX futures market is not empirically associated with an increase in spot market volatility; in some cases, it is even associated with a decrease in spot market volatility. This paper further suggests that for a well-functioning FX futures market to be established, it is essential for China to substitute the inefficient documentation requirement of underlying exposures with a new set of market-oriented measures for the purpose of prudent regulation.
Book Synopsis The Behavioral Economics of Foreign Exchange Markets by : Robert Schmidt
Download or read book The Behavioral Economics of Foreign Exchange Markets written by Robert Schmidt and published by Peter Lang Publishing. This book was released on 2006 with total page 362 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book deals with psychological factors, which may be important for understanding the observable exchange rate movements. Thus, the study belongs to the new research field of behavioral economics, which considers the relevance of psychological factors in economic contexts. The main objective of behavioral economists is to develop a more realistic view of the actual human behavior in the context of economics. Central to the concept of behavioral economics is the assumption that humans' actual behavior deviates from the ideal of economic rationality due to at least two reasons: first, decisions are usually based on an incomplete information basis and, second, the information processing of human beings is limited by their computational capacities. Due to these limitations people are forced to apply simple heuristics in information processing. Our aim is to analyze the relevance of simple heuristics in the context of foreign exchange markets. In our view, the decision situation in foreign exchange markets can serve as a prime example for decision situations in which simple heuristics are especially relevant as the complexity of the decision situation is very high.
Download or read book Commodities written by H. Kent Baker and published by Oxford University Press. This book was released on 2018-03-06 with total page 681 pages. Available in PDF, EPUB and Kindle. Book excerpt: Commodities: Markets, Performance, and Strategies provides a comprehensive view of commodity markets by describing and analyzing historical commodity performance, vehicles for investing in commodities, portfolio strategies, and current topics. It begins with the basics of commodity markets and various investment vehicles. The book then highlights the unique risk and return profiles of commodity investments, along with the dangers from mismanaged risk practices. The book also provides important insights into recent developments, including high frequency trading, financialization, and the emergence of virtual currencies as commodities. Readers of Commodities: Markets, Performance, and Strategies can gain an in-depth understanding about the multiple dimensions of commodity investing from experts from around the world. Commodity markets can be accessed with products that create unique risk and return dynamics for investors worldwide. The authors provide insights in a range of areas, from the economics of supply and demand for individual physical commodities through the financial products used to gain exposure to commodities. The book balances useful practical advice on commodity exposure while exposing the reader to various pitfalls inherent in these markets. Readers interested in a basic understanding will benefit as will those looking for more in-depth presentations of specific areas within commodity markets. Overall, Commodities: Markets, Performance, and Strategies provides a fresh look at the myriad dimensions of investing in these globally important markets.
Book Synopsis The Japanese Yen as an International Currency by : Mr.George S. Tavlas
Download or read book The Japanese Yen as an International Currency written by Mr.George S. Tavlas and published by International Monetary Fund. This book was released on 1991-01-01 with total page 61 pages. Available in PDF, EPUB and Kindle. Book excerpt: The role of the Japanese yen as an international currency is assessed. It is found that the determinants of international-currency use imply some increase for the yen’s use in international finance; however, the implications for the yen’s use in international trade are mixed. It is also shown that, despite Japan’s emergence as the world’s largest net creditor nation, Japan’s capital outflows have not significantly facilitated the yen’s internationalization. Data are presented showing that, although the yen’s use as an international currency has increased, it is still rather modest. Wider use of the yen as a regional currency in Asia has occurred, though a “yen-zone” does not appear to be emerging.
Book Synopsis FX Funding Risks and Exchange Rate Volatility–Korea’s Case by : Mr.Jack Ree
Download or read book FX Funding Risks and Exchange Rate Volatility–Korea’s Case written by Mr.Jack Ree and published by International Monetary Fund. This book was released on 2012-11-07 with total page 29 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper examines how exchange rate volatility and Korean banks’ foreign exchange liquidity mismatches interacted with each other during the Global Financial Crisis, and whether the vulnerability stemming from this interaction has been reduced since then. Structural and cyclical changes after the crisis, including decreasing demand for currency hedges and the diversifying investor base for bonds, point to a possible weakening of the interaction mechanism; and we find evidences are strongly supportive of this.
Book Synopsis Trading and Exchanges by : Larry Harris
Download or read book Trading and Exchanges written by Larry Harris and published by OUP USA. This book was released on 2003 with total page 664 pages. Available in PDF, EPUB and Kindle. Book excerpt: Focusing on market microstructure, Harris (chief economist, U.S. Securities and Exchange Commission) introduces the practices and regulations governing stock trading markets. Writing to be understandable to the lay reader, he examines the structure of trading, puts forward an economic theory of trading, discusses speculative trading strategies, explores liquidity and volatility, and considers the evaluation of trader performance. Annotation (c)2003 Book News, Inc., Portland, OR (booknews.com).
Book Synopsis Currency Democracy by : Abdurrahman Arum Rahman
Download or read book Currency Democracy written by Abdurrahman Arum Rahman and published by Global Currency Initiative. This book was released on 2020-06-24 with total page 493 pages. Available in PDF, EPUB and Kindle. Book excerpt: The US Dollar and the Euro are not real international currencies, but the currencies of certain countries (US) and region (Eurozone) that are "adopted" to become international currencies. This causes our global monetary and financial system to be asymmetrical. Some countries print money while others buy them. Consequently, the US and the Euro Area can buy anything from all countries in the world just by printing money from paper. They buy gold with paper. While all other countries are the opposite; they sell anything to get “paper money”. They buy paper with gold. This asymmetrical global monetary and financial system creates a very expensive cost to the world economy; exchange rate costs and fluctuations that reach hundreds of billions of dollars every year; cumulative foreign exchange reserves worth a dozen of trillions of dollars; two-thirds of countries in the world are trapped in foreign debt that cannot be paid; mass-and-cold trade wars involving all countries in the world and lasting for decades gave birth to the phenomenon of "race to the bottom" and made most developing countries trapped in the middle income (MIT); persistent global imbalances that continue to grow and become a fertile ground for monetary crisis that occurs periodically throughout the world. The Global Currency Initiative pioneered a global monetary model that is fully symmetrical and at the same time democratic. The model name is “organic global monetary” (OGM). OGM is an international currency system developed jointly by all countries in the world, or member countries and is part of their respective national currencies. Organic currency is only used for international transactions between member countries; while domestic transactions continue to use the national currency. The relationship between international currency and nationals is organic (part of) and hybrid (interconvertible). The exchange rate between organic and national currencies uses an auto-balancing so that it follows the true economic fundamentals. The organic model is an international monetary system that is natural, elegant, and very comprehensive, provides international currencies “free of charge” to all member countries, does not require foreign exchange reserves, eliminates exchange rate cost and fluctuations, makes “zero-depreciated” international currencies, eliminates foreign debt dependence, abolishing trade wars at all levels, releases countries from the middle-income trap (MIT); eliminates global imbalances, and roots out the potentials for monetary crisis. The organic model uses a fully flexible exchange rate system; therefore, it doesn't require economic integration. Thus, all countries in the world may join, without overhauling the monetary system, without losing the national currency and monetary-economic sovereignty. The organic model can also start on a small scale like the ASEAN region, South Asian, East Asian, Middle East, Latin America, East Africa, West, and Central, and many others. It may also start in several connected-regions or multi-regions. Once formed, the organic union may open to all countries in the world regardless of regional differences, income levels, economic systems, and others. All countries may join without exception. Since then, the world has a fully democratic and symmetrical alternative monetary system. Each country in the world is free to choose whether to join the organic monetary system or stay with the current system. Because the essence of democracy is to provide choices. This book is the second edition with some improvement from the first edition entitled "Global Currency Initiative". In this edition, we enhance the theory and academic. While on the other hand we still use a very simple language so that it is easily understandable by the general public; because the global currency is a common interest that everyone needs to know.
