| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w7524 |
| 来源ID | Working 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 |
| URL | https://www.nber.org/papers/w7524 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/565072 |
| 推荐引用方式 GB/T 7714 | Yin-Wong Cheung,Menzie D. Chinn,Ian W. Marsh. How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?. 2000. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w7524.pdf（437KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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