G2TT
来源类型Working Paper
规范类型报告
DOI10.3386/w7524
来源IDWorking Paper 7524
How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?
Yin-Wong Cheung; Menzie D. Chinn; Ian W. Marsh
发表日期2000-02-01
出版年2000
语种英语
摘要This paper summarises the results of a survey of UK based foreign exchange dealers conducted in 1998. It addresses topics in three main areas: The microeconomic operation of the foreign exchange market; the beliefs of dealers regarding the importance, or otherwise, of macroeconomic fundamental factors in affecting exchange rates; microstructure factors in FX. We find that heterogeneity of traders' beliefs is evident from the results but that it is not possible to explain such disagreements in terms of institutional detail, rank or trading technique (e.g. technical analysts versus fundamentalists). As expected, non-fundamental factors are thought to dominate short horizon changes in exchange rates, but fundamentals are deemed important over much shorter horizons that the mainstream empirical literature would suggest. Finally, market norms' and behavioural phenomena are very strong in the FX market and appear to be key determinants of the bid-ask spread.
主题International Economics ; International Finance ; Financial Economics ; Financial Markets
URLhttps://www.nber.org/papers/w7524
来源智库National Bureau of Economic Research (United States)
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条目标识符http://119.78.100.153/handle/2XGU8XDN/565072
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Yin-Wong Cheung,Menzie D. Chinn,Ian W. Marsh. How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?. 2000.
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