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From Closed to Open Economy Macroeconomics: The Real Exchange Rate and Capital Inflows India 1981-1994
From Closed to Open Economy Macroeconomics: The Real Exchange Rate and Capital Inflows India 1981-1994

... and miscellaneous ...
Global FX Guide
Global FX Guide

Trading Volume Reaction to the Earnings Reconciliation from IFRS
Trading Volume Reaction to the Earnings Reconciliation from IFRS

... of abnormal trading volume. In addition to CS, we show that trading volume reaction in the U.S. markets is weaker for firms using IFRS as issued by the IASB than for firms using other versions of IFRS, suggesting reconciliation is less of a concern for firms consistently and faithfully applying IFR ...
Why do foreign firms leave US equity markets?
Why do foreign firms leave US equity markets?

... explicitly test the loss of competitiveness hypothesis in the context of the passage of SOX, but some of our results apply to more general causes of a loss of competitiveness. The SOX explanation predicts that there are cross-listed firms for which SOX imposed deadweight costs big enough to make it ...
BDO - NEED TO KNOW / Hedge Accounting (IFRS 9 Financial
BDO - NEED TO KNOW / Hedge Accounting (IFRS 9 Financial

... Three months later, due to supply and demand factors, the price differential between the two grades has increased to 30%. To maximise offset, the Entity ‘rebalances’ and takes out additional (offsetting) derivatives so that the hedge ratio is now 0.7 (0.7 hedged item to 1 derivative). NOTE: Prior t ...
Gains from Stock Exchange Integration: The
Gains from Stock Exchange Integration: The

... Similarly, users that previously had only indirect access to the other markets through members of the local exchange now enjoy direct access, and avoid the previous intermediation costs. This reduction in the costs of access has been particularly beneficial to those members who were not previously a ...
words
words

... The quarters ended June 28, 2015 and June 29, 2014 are each 13-week periods. The six-month periods ended June 28, 2015 and June 29, 2014 are each 26-week periods. The results of operations for the quarter and six-month periods ended June 28, 2015 are not necessarily indicative of results to be expec ...
Can Ethiopian Companies Meet the Listing Requirements of African
Can Ethiopian Companies Meet the Listing Requirements of African

... requirements of African stock exchanges. The study also assessed the characteristics of Ethiopian companies (their strengths and weaknesses) in relation to stock exchanges listing requirements so as to determine the availability of qualified companies for the establishment of a stock exchange in Eth ...
Decimalization, trading costs, and information transmission between
Decimalization, trading costs, and information transmission between

... where Ait (Bit) is the quoted ask (bid) price for stock i at time t, and Mit is the midpoint of the quoted ask and bid prices. Relative quoted spreads are likely to be biased estimators of trading costs, because trades do not always occur at the posted quotes. The relative effective spread (ES) meas ...
Three Essays on the Impacts of Risk and Uncertainty on Foreign
Three Essays on the Impacts of Risk and Uncertainty on Foreign

... Most countries in Africa are characterized with low domestic savings and do not have access to international capital markets. In addition, official loans and foreign assistance per capita to the region have decreased. These important facts have increased the significance o f FDI to Africa to achieve ...
PHD thesis - Neven Vidakovic
PHD thesis - Neven Vidakovic

... 4.4.5.2. Exchange rate regime switches .................................................................................................. 180 ...
Exchange Rate Predictability in a Changing World
Exchange Rate Predictability in a Changing World

... fundamentals and a near unity discount factor. However, Engel and West (2004) present evidence that even when the discount factor is near one, a class of models based on observable fundamentals can still account for a fairly large fraction of the variance in exchange rates. An example in this class ...
learning and evolution of trading strategies in limit order markets
learning and evolution of trading strategies in limit order markets

... trading strategies in limit order markets. We now summarize the main findings and discuss the main contributions of the paper. To help the discussion, we refer one-sided learning to the cases where either the informed or the uninformed traders learn and two-sided learning to the case where both the ...
Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The
Macroeconomics, 10e, Global Edition (Parkin) Chapter 26 The

... 34) The law of demand in the foreign exchange market refers to the relationship between the A) exchange rate and the quantity of U.S. dollars demanded B) interest rate and the exchange rate C) interest rate and the quantity of U.S. dollars demanded D) U.S. price level and the exchange rate Answer: ...
Quote Stuffing - Mississippi State University`s College of Business
Quote Stuffing - Mississippi State University`s College of Business

Dreher ge08  6483485 en
Dreher ge08 6483485 en

... disburse its money even though implementation of conditions has been poor, for example because it feels that significant progress has been made, or even for political reasons. It is not surprising that authors who concentrate on proxies that examine the percentage of IMF loans agreed but left undraw ...
The impact of dark trading and visible fragmentation on market quality
The impact of dark trading and visible fragmentation on market quality

... While global liquidity benefits from fragmentation, we find that the market quality at the traditional stock exchange is worse off as local liquidity close to the midpoint reduces by approximately 10%. As such, investors without access to Smart Order Routing Technology are worse off in a fragmented ...
CD1. European Economy. Basic editions. 44/1990. One market, one
CD1. European Economy. Basic editions. 44/1990. One market, one

... effects can be assessed empirically and this is done throughout the study. For example, savings in monetary transaction costs with EMU would be comparable to savings in frontier ...
Ignorance and Influence: U.S. Economists on Argentina`s
Ignorance and Influence: U.S. Economists on Argentina`s

... David E. Altig (vice president and director of research, Federal Reserve Bank of Cleveland) “In 1991, Argentina established a currency board that fixed a one- for-one exchange rate between pesos and the U.S. dollar. To guarantee free conversion at this rate, the Convertibility Law that established t ...
Does high-frequency trading improve market quality?
Does high-frequency trading improve market quality?

... financial markets have further transformed the computer trading system, and thus have increased the speed for order acceptance notices as well as for information distribution of transaction prices and quotes to stock traders. For example, on January 4, 2010, the Tokyo Stock Exchange introduced the A ...
Accounting for Real Exchange Rates using Micro
Accounting for Real Exchange Rates using Micro

... and not to services because the NIPA data treat the market for services as an arms-length transaction between the service provider and the end consumer. That is, a medical bill paid by a consumer or health insurance company would be recorded as having no distribution margin (or non-traded inputs) by ...
Is the Crisis Problem Growing More Severe?
Is the Crisis Problem Growing More Severe?

... that crisis frequency since 1973 has been double that of the Bretton Woods and classical gold standard periods and is rivaled only by the crisis-ridden 1920s and 1930s. History thus confirms that there is something different and disturbing about our age. However, there is little evidence that crises ...
currency boards for developing countries
currency boards for developing countries

... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
Currency Boards for Developing Countries
Currency Boards for Developing Countries

... sound currency is one that is stable, credible, and fully convertible. Stability means that current annual inflation is relatively low, usually in single digits. Credibility means that the issuer creates confidence that it will keep future inflation low. Full convertibility means that the currency c ...
Option Trading: Information or Differences of
Option Trading: Information or Differences of

... Schwartz and Subrahmanyam, 2008). However, equally convincing evidence was also presented by other authors who showed that 1) informed trading doesn’t exist in options (Vijh, 1990), 2) the option volume does not lead stock prices (Chan, Chung and Johnson, 1993; and Chan, Chung and Fong, 2002), and ...
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Foreign exchange market

The foreign exchange market (forex, FX, or currency market) is a global decentralized market for the trading of currencies. This includes all aspects of buying, selling and exchanging currencies at current or determined prices. In terms of volume of trading, it is by far the largest market in the world. The main participants in this market are the larger international banks. Financial centres around the world function as anchors of trading between a wide range of multiple types of buyers and sellers around the clock, with the exception of weekends. The foreign exchange market determines the relative values of different currencies.The foreign exchange market works through financial institutions, and it operates on several levels. Behind the scenes banks turn to a smaller number of financial firms known as “dealers,” who are actively involved in large quantities of foreign exchange trading. Most foreign exchange dealers are banks, so this behind-the-scenes market is sometimes called the “interbank market”, although a few insurance companies and other kinds of financial firms are involved. Trades between foreign exchange dealers can be very large, involving hundreds of millions of dollars. Because of the sovereignty issue when involving two currencies, forex has little (if any) supervisory entity regulating its actions.The foreign exchange market assists international trade and investments by enabling currency conversion. For example, it permits a business in the United States to import goods from European Union member states, especially Eurozone members, and pay Euros, even though its income is in United States dollars. It also supports direct speculation and evaluation relative to the value of currencies, and the carry trade, speculation based on the interest rate differential between two currencies.In a typical foreign exchange transaction, a party purchases some quantity of one currency by paying with some quantity of another currency. The modern foreign exchange market began forming during the 1970s after three decades of government restrictions on foreign exchange transactions (the Bretton Woods system of monetary management established the rules for commercial and financial relations among the world's major industrial states after World War II), when countries gradually switched to floating exchange rates from the previous exchange rate regime, which remained fixed as per the Bretton Woods system.The foreign exchange market is unique because of the following characteristics: its huge trading volume representing the largest asset class in the world leading to high liquidity; its geographical dispersion; its continuous operation: 24 hours a day except weekends, i.e., trading from 22:00 GMT on Sunday (Sydney) until 22:00 GMT Friday (New York); the variety of factors that affect exchange rates; the low margins of relative profit compared with other markets of fixed income; and the use of leverage to enhance profit and loss margins and with respect to account size.As such, it has been referred to as the market closest to the ideal of perfect competition, notwithstanding currency intervention by central banks.According to the Bank for International Settlements,the preliminary global results from the 2013 Triennial Central Bank Survey of Foreign Exchange and OTC Derivatives Markets Activity show that trading in foreign exchange markets averaged $5.3 trillion per day in April 2013. This is up from $4.0 trillion in April 2010 and $3.3 trillion in April 2007. Foreign exchange swaps were the most actively traded instruments in April 2013, at $2.2 trillion per day, followed by spot trading at $2.0 trillion.According to the Bank for International Settlements, as of April 2010, average daily turnover in global foreign exchange markets is estimated at $3.98 trillion, a growth of approximately 20% over the $3.21 trillion daily volume as of April 2007. Some firms specializing on foreign exchange market had put the average daily turnover in excess of US$4 trillion.The $3.98 trillion break-down is as follows: $1.490 trillion in spot transactions $475 billion in outright forwards $1.765 trillion in foreign exchange swaps $43 billion currency swaps $207 billion in options and other products↑ ↑ ↑ ↑ ↑ ↑
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