2. Bid-Ask Spreads in Foreign Exchange Markets: Implications for Models of Asymmetric Information

Kapitel in diesem Buch

1. Frontmatter i
2. Contents vii
3. Preface ix
4. Introduction 1
5. I. TRADING VOLUME, ASYMMETRIC INFORMATION, THE BID, AND THE ASK
6. 1. Risk and Thrnover in the Foreign Exchange Market 19
7. 2. Bid-Ask Spreads in Foreign Exchange Markets: Implications for Models of Asymmetric Information 41
8. 3. Interdealer Trade and Information Flows in a Decentralized Foreign Exchange Market 73
9. 4. One Day in June 1993: A Study of the Working of the Reuters 2000-2 Electronic Foreign Exchange Trading System 107
10. 5. Foreign Exchange Volume: Sound and Fury Signifying Nothing? 183
11. II. SPECULATION, EXCHANGE RATE CRISES, AND MACROECONOMIC FUNDAMENTALS
12. 6. Dynamic Hedging and the Interest Rate Defense 209
13. 7. Heterogeneous Behavior in Exchange Rate Crises 229
14. 8. Exchange Rate Economics: What's Wrong with the Conventional Macro Approach? 261
15. 9. Is There a Safe Passage to EMU? Evidence on Capital Controls and·a Proposal 303
16. Contributors 333
17. Author Index 337
18. Subject Index 341