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OverviewThe 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 essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behaviour 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. Full Product DetailsAuthor: Jeffrey A. Frankel , etc.Publisher: The University of Chicago Press Imprint: University of Chicago Press Edition: 2nd ed. Dimensions: Width: 16.30cm , Height: 2.60cm , Length: 23.50cm Weight: 0.652kg ISBN: 9780226260006ISBN 10: 0226260003 Pages: 356 Publication Date: 15 June 1996 Audience: College/higher education , Undergraduate , Postgraduate, Research & Scholarly Format: Hardback Publisher's Status: Out of Stock Indefinitely Availability: Awaiting stock Table of ContentsReviewsAuthor InformationJeffrey Frankel is the James W. Harpel Professor of Capital Formation and Growth at the John F. Kennedy School of Government, Harvard University, and a research associate of the NBER. Tab Content 6Author Website:Countries AvailableAll regions |