| 000 | 02402cam a22003497 4500 | ||
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| 001 | w7524 | ||
| 003 | NBER | ||
| 005 | 20211020113614.0 | ||
| 006 | m o d | ||
| 007 | cr cnu|||||||| | ||
| 008 | 210910s2000 mau fo 000 0 eng d | ||
| 100 | 1 |
_aCheung, Yin-Wong. _97922 |
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| 245 | 1 | 0 |
_aHow Do UK-Based Foreign Exchange Dealers Think Their Market Operates? / _cYin-Wong Cheung, Menzie D. Chinn, Ian W. Marsh. |
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_aCambridge, Mass. _bNational Bureau of Economic Research _c2000. |
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_a1 online resource: _billustrations (black and white); |
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| 490 | 1 |
_aNBER working paper series _vno. w7524 |
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| 500 | _aFebruary 2000. | ||
| 520 | 3 | _aThis 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. | |
| 530 | _aHardcopy version available to institutional subscribers | ||
| 538 | _aSystem requirements: Adobe [Acrobat] Reader required for PDF files. | ||
| 538 | _aMode of access: World Wide Web. | ||
| 588 | 0 | _aPrint version record | |
| 690 | 7 |
_aF31 - Foreign Exchange _2Journal of Economic Literature class. |
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| 690 | 7 |
_aG15 - International Financial Markets _2Journal of Economic Literature class. |
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| 700 | 1 | _aChinn, Menzie D. | |
| 700 | 1 |
_aMarsh, Ian W. _916081 |
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| 710 | 2 | _aNational Bureau of Economic Research. | |
| 830 | 0 |
_aWorking Paper Series (National Bureau of Economic Research) _vno. w7524. |
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| 856 | 4 | 0 | _uhttps://www.nber.org/papers/w7524 |
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_yAcceso en línea al DOI _uhttp://dx.doi.org/10.3386/w7524 |
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_2ddc _cW-PAPER |
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_c340727 _d299289 |
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