[PDF] Top 20 Conventions in the foreign exchange market : Can they really explain exchange rate dynamics ?

... month, the randow walk beats all the fundamental models. As long as the horizon increases - from 3 months to 5 years - fundamental models start to beat the random walk in term of ... Voir le document complet

... to the assumptions that every order has an aggressive part and also to the exclusion of a limit order ...are the main source of information in the ...through the transfer of ... Voir le document complet

... (b)), in line with the literature. 7 Further, the non-tradable sector 381 7 Throughout the paper, we assume τ ¯ κ > 1, ensuring 1−φ¯ κ 1−σ > ...firms can price-to-market (σ ... Voir le document complet

... by the depreciation of the exporting country’s currency and the level of the ...case, they show that a negative ERPT may be caused by high subsidies. In the literature ... Voir le document complet

... countries”. They also emphasize the fact that these boom-busts are not observed in countries with developed financial ...Financial market imperfections are likely to hit exporting firms, which ... Voir le document complet

... The first term stands for the real exchange rate in the tradable sector (from the PPP), the second and third terms stands for the internal exchange ... Voir le document complet

... Though the LYS regimes classification has become a standard in exchange-rate policy studies, there are, nevertheless, some limitations that must be taken into ...Firstly, the ... Voir le document complet

... When exchange rate follows a random walk, 피 t e t +ℓ = e t and we have __ p p * ,t + e t − __ p L,t = α 2 , which completes the proof of the ...assess the magnitude of the error ... Voir le document complet

... and in currency unions. All our identification regarding the role of currency unions comes from cross-sectional variation as we do not in our sample observe any countries entering or exiting ... Voir le document complet

... Keywords: China, yuan, exchange-rate regime, euro, dollar. JEL classification: F31, F33. Résumé Nous étudions les conséquences d’une multipolarisation du système monétaire international sur la volatilité ... Voir le document complet

... towards the progressive internationalization of the yuan: it has allowed domestic exporters to invoice their cross-border sales in yuan; it has timidly opened the gate to foreign ... Voir le document complet

... inflation, the resulting increase in the long-term real interest rate is smaller than the increase in the risk premium, causing the real exchange rate ... Voir le document complet

... on the data series employed. In most cases, the exchange rate and reserves series have a weak or moderate negative correlation, the exception being the weekly data, where ... Voir le document complet

... At the beginning of 2004, the Eurosystem implemented several measures such as operational framework modifications and more frequent liquidity al- lotment above the benchmark (loose policy) during its ... Voir le document complet

... of the type just de- scribed; the associated standard errors (conventional and heteroskedasticity & auto- correlation consistent) are comparatively small in the two larger data sets, ... Voir le document complet

... competition in this sector - a key assumption of the BS model - can go a long way in explaining price divergences within the Euro ...changes in product and labor market ... Voir le document complet

... devices the unique explanation of the dynamics of markets? If the answer is ‘No’, then how can we integrate other dimensions such as the social one? Some social studies of ... Voir le document complet

... Application In this section, we explore the 23 series of daily foreign exchange rates: Brazilian Reals to one ...Dollar. The data are obtained from the Board of Governors of ... Voir le document complet

... stability. The Central Bank (CB) was first thought of as an “inflation nutter” (King, 1997) that cannot control any variable other than prices without losing its credibility and endangering the monetary ... Voir le document complet

... L’ORPphiline OSW-1 2 , est un composé isolé de la plante Ornithogalum saundersiae. De forte affinité pour OSBP (10 nM), elle inhibe à la fois le transfert de stérol et le transfert de PI4P par OSBP in vitro en ... Voir le document complet