Referee report on Ph.D. dissertation “Essays on the Behavior of
... The first paper of the dissertation “Detecting Information-driven Trading in a Dealers Market” is a joint work with Jan Hanousek. The paper deals with detecting differences in the information content of trades of particular market makers on the Prague Stock Exchange (PSE). The main hypothesis is tha ...
... The first paper of the dissertation “Detecting Information-driven Trading in a Dealers Market” is a joint work with Jan Hanousek. The paper deals with detecting differences in the information content of trades of particular market makers on the Prague Stock Exchange (PSE). The main hypothesis is tha ...
Foreign Exchange Benchmarks - Foreign Exchange Professionals
... Currently, the only standard reference rate in the FX market is the WMR Fix. In US equities, the NBBO creates a standardized price, at which trades are executed. TCA in equities is therefore relatively straightforward, as you only have one set of reference prices to capture in order to fully underst ...
... Currently, the only standard reference rate in the FX market is the WMR Fix. In US equities, the NBBO creates a standardized price, at which trades are executed. TCA in equities is therefore relatively straightforward, as you only have one set of reference prices to capture in order to fully underst ...
Exchange rates
... Most western countries have had __________ exchange rates ever since 1971. This means that exchange rates are determined by the market ________ - the quantities _______ and ______. If demand exceeds supply, the price will ______; if supply exceeds demand, the price of a currency will _______. Milt ...
... Most western countries have had __________ exchange rates ever since 1971. This means that exchange rates are determined by the market ________ - the quantities _______ and ______. If demand exceeds supply, the price will ______; if supply exceeds demand, the price of a currency will _______. Milt ...
Balance of Payments
... 1. US sells cars to Mexico 2. Mexico buys tractors from Canada 3. Canada sells syrup to the U.S. 4. Japan buys Fireworks from Mexico For all these transactions, there are different national currencies. Each country must be paid in their own currency The buyer (importer) must exchange their currency ...
... 1. US sells cars to Mexico 2. Mexico buys tractors from Canada 3. Canada sells syrup to the U.S. 4. Japan buys Fireworks from Mexico For all these transactions, there are different national currencies. Each country must be paid in their own currency The buyer (importer) must exchange their currency ...
Industrial countries other than the United States
... • Triffin paradox – world demand for $ requires U.S. to run persistent balance-of-payments deficits that ultimately leads to loss of confidence in the $. • SDR was created to relieve the $ shortage. • Throughout the 1960s countries with large $ reserves began buying gold from the U.S. in increasing ...
... • Triffin paradox – world demand for $ requires U.S. to run persistent balance-of-payments deficits that ultimately leads to loss of confidence in the $. • SDR was created to relieve the $ shortage. • Throughout the 1960s countries with large $ reserves began buying gold from the U.S. in increasing ...
Document
... Now let us suppose that for some reason demand for TL assets decrease (maybe because FED increases policy rates). TL loses value in the free forex market below the fixed parity. In this case CB buys TL and sells dollars. This reduces money(TL) supply and increases the interest rate on TL assets, ...
... Now let us suppose that for some reason demand for TL assets decrease (maybe because FED increases policy rates). TL loses value in the free forex market below the fixed parity. In this case CB buys TL and sells dollars. This reduces money(TL) supply and increases the interest rate on TL assets, ...
Balance of Payments
... 2. Mexico buys tractors from Canada 3. Canada sells syrup t the U.S. 4. Japan buys Fireworks from Mexico For all these transactions, there are different national currencies. Each country must be paid in their own currency The buyer (importer) must exchange their currency for that of the sellers (exp ...
... 2. Mexico buys tractors from Canada 3. Canada sells syrup t the U.S. 4. Japan buys Fireworks from Mexico For all these transactions, there are different national currencies. Each country must be paid in their own currency The buyer (importer) must exchange their currency for that of the sellers (exp ...
(IMF) International Monetary Fund
... weighted average value of five major currencies. (In October 2001 the SDR was worth about U.S. $1.29.) Each member’s quota is an amount corresponding to its relative position in the world economy. As the world’s leading economy, the United States has the largest quota. In 2001 the U.S. quota was abo ...
... weighted average value of five major currencies. (In October 2001 the SDR was worth about U.S. $1.29.) Each member’s quota is an amount corresponding to its relative position in the world economy. As the world’s leading economy, the United States has the largest quota. In 2001 the U.S. quota was abo ...
Exchange Rate Policy
... At the same time, non-Chinese private investors became increasingly eager to shift funds into China, to take advantage of its growing domestic economy. As a result of the current account surplus and private capital inflows, at the target exchange rate, the demand for yuan exceeded the supply. To kee ...
... At the same time, non-Chinese private investors became increasingly eager to shift funds into China, to take advantage of its growing domestic economy. As a result of the current account surplus and private capital inflows, at the target exchange rate, the demand for yuan exceeded the supply. To kee ...
Document in Word format - Hong Kong Monetary Authority
... Interestingly, however, there was, as readers will recall, a very large injection of interbank liquidity in early November as a result of the triggering of the strong-side Convertibility Undertaking, causing the Aggregate Balance to increase from $1.3 billion to $10.6 billion. One would have thought ...
... Interestingly, however, there was, as readers will recall, a very large injection of interbank liquidity in early November as a result of the triggering of the strong-side Convertibility Undertaking, causing the Aggregate Balance to increase from $1.3 billion to $10.6 billion. One would have thought ...
Chapter 9:
... Chapter 9 is devoted to explaining the monetary and portfolio approaches to exchange rate and balance of payments determination. The chapter begins with a discussion of central banks’ balance sheets, and then follows with a discussion of the way in which central bank operations can affect the nation ...
... Chapter 9 is devoted to explaining the monetary and portfolio approaches to exchange rate and balance of payments determination. The chapter begins with a discussion of central banks’ balance sheets, and then follows with a discussion of the way in which central bank operations can affect the nation ...
Lecture 10 - UTA Economics
... will be willing to supply more at higher prices. Price per yen (Denoted in US dollars) ...
... will be willing to supply more at higher prices. Price per yen (Denoted in US dollars) ...
Answers to Textbook Problems
... output and appreciating the currency. Since the central bank cannot allow exchange rates to change, it must increase the money supply, an action depicted in the diagram as an outward shift in the AA schedule. Corresponding to this monetary expansion is a balance of payments surplus and an equal incr ...
... output and appreciating the currency. Since the central bank cannot allow exchange rates to change, it must increase the money supply, an action depicted in the diagram as an outward shift in the AA schedule. Corresponding to this monetary expansion is a balance of payments surplus and an equal incr ...
Sustaining China’s Economic Growth after the Global Financial Crisis geneRal DisCUssiOn mr . Goodfriend:
... invests primarily in domestic commercial Chinese banks, use dividend payments from the banks to service the debt. The standard complaint, which is completely valid and which I have made many times and continue to make, is that most state-owned companies pay out very low dividends, but the commercial ...
... invests primarily in domestic commercial Chinese banks, use dividend payments from the banks to service the debt. The standard complaint, which is completely valid and which I have made many times and continue to make, is that most state-owned companies pay out very low dividends, but the commercial ...
PART I: PARSIFAL SCHEDULING
... works best at improving a country’s trade balance when demand elasticities are high (i.e., the sum of the domestic demand elasticity for imports plus the foreign demand elasticity for exports exceeds one). Empirical studies suggest that demand elasticities for most countries are quite high. 4. The J ...
... works best at improving a country’s trade balance when demand elasticities are high (i.e., the sum of the domestic demand elasticity for imports plus the foreign demand elasticity for exports exceeds one). Empirical studies suggest that demand elasticities for most countries are quite high. 4. The J ...
real exchange rate
... prices of domestic goods and foreign goods in the domestic economy. If a case of German beer is twice as expensive as American beer, the real exchange rate is 1/2 case of German beer per case of American ...
... prices of domestic goods and foreign goods in the domestic economy. If a case of German beer is twice as expensive as American beer, the real exchange rate is 1/2 case of German beer per case of American ...
real exchange rate
... prices of domestic goods and foreign goods in the domestic economy. If a case of German beer is twice as expensive as American beer, the real exchange rate is 1/2 case of German beer per case of American ...
... prices of domestic goods and foreign goods in the domestic economy. If a case of German beer is twice as expensive as American beer, the real exchange rate is 1/2 case of German beer per case of American ...
Chapter 6
... against the currencies of the United States' major trading partners. On September 22, the U.S. monetary authorities intervened in the foreign exchange markets, purchasing 1.5 billion euros against the dollar. The operation, which was divided evenly between the U.S. Treasury Department's Exchange Sta ...
... against the currencies of the United States' major trading partners. On September 22, the U.S. monetary authorities intervened in the foreign exchange markets, purchasing 1.5 billion euros against the dollar. The operation, which was divided evenly between the U.S. Treasury Department's Exchange Sta ...
United Parcel Service Financial Challenges in a Developed or
... to manage exposures. While using price sensitive instruments to hedge a certain portion of their existing and anticipated transactions; any loss in value for those instruments generally would be offset by increase in the value of those hedging transactions. As a result, foreign exchange exposure is ...
... to manage exposures. While using price sensitive instruments to hedge a certain portion of their existing and anticipated transactions; any loss in value for those instruments generally would be offset by increase in the value of those hedging transactions. As a result, foreign exchange exposure is ...
The Canadian Dollar - Cold Lake Middle School
... eliminate taxes on goods or services coming from the other countries who are part of the agreement. ...
... eliminate taxes on goods or services coming from the other countries who are part of the agreement. ...
Market - e
... currency values within 1% of par by buying or selling foreign or gold reserves Devaluation was not to be used as a competitive trade policy, but if a currency became too weak to defend, up to a 10% devaluation was allowed without formal approval from the IMF ...
... currency values within 1% of par by buying or selling foreign or gold reserves Devaluation was not to be used as a competitive trade policy, but if a currency became too weak to defend, up to a 10% devaluation was allowed without formal approval from the IMF ...
International Linkages
... the demand for domestic goods shifts IS to the right An increase in Yf results in an increase in foreign spending on domestic goods shifts IS to the right Figure 12-3 shows both effects Because of this, national business cycles and real exchange rate changes have spill-over effects abroad ...
... the demand for domestic goods shifts IS to the right An increase in Yf results in an increase in foreign spending on domestic goods shifts IS to the right Figure 12-3 shows both effects Because of this, national business cycles and real exchange rate changes have spill-over effects abroad ...
Exchange Rate Determination I: Prices and the Real Exchange Rate
... money creation. In July of 1982, the HK dollar was depreciating at a rate of 7.7% per year. In 1983, Britain and the People’s Republic were engaged in talks about the terms on which Hong Kong would be returned to China. Responding to news from these talks, currency traders unloaded there HK dollar ...
... money creation. In July of 1982, the HK dollar was depreciating at a rate of 7.7% per year. In 1983, Britain and the People’s Republic were engaged in talks about the terms on which Hong Kong would be returned to China. Responding to news from these talks, currency traders unloaded there HK dollar ...