The Microstructure Approach to Exchange Rates - Tapa dura

Lyons, Richard K

 
9780262122436: The Microstructure Approach to Exchange Rates
Tapa dura
ISBN 10: 026212243X ISBN 13: 9780262122436
Editorial: MIT Press, 2001

Sinopsis

Historically, the fields of exchange-rate economics and microstructure finance have progressed independently of each other. Recent interaction, however, has given rise to a microstructure approach to exchange rates. This book focuses on the economics of financial information and how microstructure tools help to clarify the types of information most relevant to exchange rates.

The microstructure approach views exchange rates from the perspective of the trading room, the place where exchange rates are actually determined. Emphasizing information economics over institutional issues, the approach departs from three unrealistic assumptions common to previous approaches: that all information relevant to exchange rates is publicly available, that all market participants are alike in their goals or in how they view information, and that how trading is organized is inconsequential for exchange rates. The book shows how exchange-rate behavior previously thought to be particularly puzzling can be explained using the microstructure approach. It contains a combination of theoretical and empirical work.

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Críticas

"A thought-provoking introduction to the subject." - Mark S. Rzepczynski, Financial Analysts Journal "An innovative and important book that will be required reading for researchers in both microstructure and international finance." - Maureen O'Hara, R. W. Purcell Professor of Finance, Cornell University"

Reseña del editor

This book explains the puzzling behaviour of exchange rates using models from microstructure finance and data from electronic trading. Historically, the fields of exchange-rate economics and microstructure finance have progressed independently of each other. Recent interaction, however, has given rise to a microstructure approach to exchange rates. This book focuses on the economics of financial information and on how microstructure tools help to clarify the types of information most relevant to exchange rates. The microstructure approach views exchange rates from the perspective of the trading room, the place where exchange rates are actually determined. Emphasising information economics over institutional issues, the approach departs from three unrealistic assumptions common to previous approaches: that all information relevant to exchange rates is publicly available, that all market participants are alike in their goals or in how they view information, and that how trading is organised is inconsequential for exchange rates. The book shows how exchange-rate behaviour previously thought to be particularly puzzling can be explained using the microstructure approach. It contains a combination of theoretical and empirical work.

"Sobre este título" puede pertenecer a otra edición de este libro.

Editorial
MIT Press
Año de publicación
2001
Idioma
Inglés
ISBN 10 
026212243X
ISBN 13 
9780262122436
Encuadernación
Tapa dura
Número de páginas
345
Contacto del fabricante
no disponible
Persona responsable
no disponible

Otras ediciones populares con el mismo título

9780262622059: The Microstructure Approach to Exchange Rates

Edición Destacada

ISBN 10:  026262205X ISBN 13:  9780262622059
Editorial: MIT Press, 2006
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