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Journal articles on the topic 'Foreign exchange market'

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Published: 4 June 2021

Last updated: 31 July 2024

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1

Oh, Gabjin, Seunghwan Kim, and Cheoljun Eom. "Market efficiency in foreign exchange markets." Physica A: Statistical Mechanics and its Applications 382, no. 1 (August 2007): 209–12. http://dx.doi.org/10.1016/j.physa.2007.02.032.

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2

Glassman, Debra. "The foreign exchange market." Journal of International Economics 30, no. 3-4 (May 1991): 385–87. http://dx.doi.org/10.1016/0022-1996(91)90031-z.

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3

Lee, Namhoon, Wonseok Choi, and Yuntaek Pae. "Market efficiency in foreign exchange market." Economics Letters 205 (August 2021): 109931. http://dx.doi.org/10.1016/j.econlet.2021.109931.

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4

Wang, Guogang, and Nan Lin. "70 years of China's foreign exchange market development: history and experience." China Political Economy 3, no. 1 (June 1, 2020): 3–17. http://dx.doi.org/10.1108/cpe-05-2020-0007.

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PurposeThe development of China's foreign exchange market and the reform of Chinese yuan (hereinafter “CNY”) exchange rate are closely linked with each other. Their respective journey through the past 70 years can both be divided into three historical periods; as follows: China's foreign exchange market underwent a difficult exploration period, a formation and development period and an innovative development period; in the meanwhile, the formation mechanism of CNY exchange rate also witnessed three periods marked successively by a single exchange rate system with administrative pricing, an explorative formation mechanism of CNY exchange rate and a reformed, marketized CNY exchange rate mechanism.Design/methodology/approachIn the present world, the development of almost every country is closely linked to the international community, which is the result of the heterogeneity in system, market, humanity and history, in addition to the differences in natural resource endowments and the diversity in technology, administration, information, experience and diplomacy. International economic exchanges require foreign exchange, which gives rise to the existence and development of the foreign exchange market.FindingsThe 70-year history of China's foreign exchange market has proven the need to continue safeguarding national sovereignty and interests of the people, stick to the general direction of serving economic development, adhere to the strategy of steadily and orderly promoting the construction of the foreign exchange market, keep on making innovation in monetary policy operation and unbendingly stay away from any systemic financial risks.Originality/valueDuring the 70-year history of the new China, as an indispensable economic resource in China's economic development, the foreign exchange mechanism bolstered each stage of economic development and was always an important manifestation of China's economic sovereignty. It is argued that during the 30-year planned economy that preceded reform and opening-up, China pursued a closed-door policy with few international economic exchanges. The subtext of such argument is that China did not have (or hardly had much of) a foreign exchange mechanism during this period, which is clearly in conflict with historical evidence. In fact, although China did not have an open foreign exchange market before the reform and opening-up, it had a clear foreign exchange management system and exchange rate system.

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5

Vaníček, Petr. "Analysis and comparison of chosen FX – strategy." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 54, no. 6 (2006): 209–22. http://dx.doi.org/10.11118/actaun200654060209.

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The article is focused on possibilities of profit of chosen FX instruments by proceeding of foreign exchange risk. The foreign exchanges risk affect economic result of each economic subject. The foreign exchanges risk ensue unexpectible change of foreign exchange rate. Economic subjects pursue in exchange market that are concern on hedging of exchange risk during doing business and financial contracts. The most discussed problems in this article are the possibilies of present products in financials markets, that can help in hedging of exchange risk. The article is concentrated mainly on chosen products of financial markets derived from option. The main part of those chosen products is focused on „zero cost strategy“ and on possibilities of their aplication in hedging of exchange risk.

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6

Vuckovic, Vladimir. "The microstructure of foreign exchange rate and foreign exchange rate formation." Ekonomski anali 50, no. 164 (2005): 63–79. http://dx.doi.org/10.2298/eka0564063v.

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The subject matter of market microstructure analysis are processes through which investor activities are transferred to quantities and prices. This direction indicates the fact that has been unjustifiably neglected in fundamental theories ? foreign exchange rate results from the interactions between market participants. Spot foreign exchange market can best be described as a decentralised market with a number of dealers. There is no organised physical place (stock exchange) where dealers meet their clients nor is there an electronic system which enables quotations of all dealers in a currency market to be simultaneously shown on the screen. The theory of order flows has resulted from the answer to the essential question of market microstructure: do trading mechanisms affect the price formation process of the trading subject, and how do they affect it. Information is scattered and not available to all subjects in an aggregate form, which is the consequence of a decentralised structure, lack of regulations and nontransparent trading on the foreign exchange market. In such a setting, market participants are incessantly aggregating signals based on scattered information, and no sooner than collective orders for foreign currency sales and purchases are formed do they build into the foreign exchange rate in the process of new information trading. are a good explanation for changes in the foreign exchange rate. Several studies have shown that order flows.

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7

Shmyreva, A. I., and Yu S. Moroz. "Methodological approach to assessing the development of the Russian currency market." Vestnik NSUEM, no. 2 (August 3, 2023): 112–22. http://dx.doi.org/10.34020/2073-6495-2023-2-112-122.

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The relevance of this study is related to the need to determine the main directions for the development of the Russian foreign exchange market and assess its state. Financial globalization integrates the national currency markets of countries into a single geo-economy, any economic crisis that arises in this system can acquire a worldwide scale, in this regard, and assessing the prospects for the development of the Russian currency market is a very urgent problem today. The insufficient development of the theoretical foundations for the development of the foreign exchange market makes it relevant to systematize the conceptual foundations for the development of the foreign exchange market and form a comprehensive methodological approach to its assessment. As a rule, economists study the state of the foreign exchange market through the dynamics of the exchange rate (real and nominal), while not taking into account other aspects of the functioning of the foreign exchange market (the volume of foreign exchange transactions, foreign exchange market participants, the number of foreign exchange accounts, the state of the country’s external debt, the size of gold and foreign exchange reserves, having correspondent accounts with foreign banks). The article discusses a methodological approach to assessing the development of the Russian foreign exchange market, which includes several stages. A methodology is proposed for assessing the development of the Russian foreign exchange market, which allows one to study indicators at two levels.

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8

Peng, Chengyuan, and Zihan Zhao. "Exploring New Trends in the Global Foreign Exchange Derivatives Market Based on the European and American Financial Markets." Advances in Economics, Management and Political Sciences 53, no. 1 (December 1, 2023): 188–94. http://dx.doi.org/10.54254/2754-1169/53/20230830.

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This research delves into the changes in products and participants in the foreign exchange derivatives market in Europe and America. It uncovers the new trends in the global foreign exchange derivatives market. The European and American financial markets are significant players in foreign exchange trading and financial innovation, as they affect the world through their market fluctuations and policy changes. The study reveals that the foreign exchange derivatives market is undergoing new dynamics and environmental changes. Innovative products are emerging, and the level of transaction automation is increasing. The foreign exchange derivatives market in Europe and the United States has transformed from a simple spot foreign exchange transaction to a diverse trading system that covers major global currencies. The proportion structure of trading participants is also changing over time. In conclusion, this research provides profound insights into the global foreign exchange derivatives market. It aims to provide relevant suggestions and references for market participants and regulators based on its analysis.

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9

Miller, Norman C. "Explaining Foreign Exchange Market Puzzles." IMF Working Papers 99, no. 27 (1999): 1. http://dx.doi.org/10.5089/9781451844504.001.

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10

Alexander, Gordon J., Steve Coronel, John Gocek, and Jean-Pierre Varin. "The Foreign Exchange Market Simulator." Journal of Finance 45, no. 5 (December 1990): 1715. http://dx.doi.org/10.2307/2328762.

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11

Khalid, Asma. "Pakistan’s Parallel Foreign Exchange Market." LAHORE JOURNAL OF ECONOMICS 19, Special Edition (September 1, 2014): 1–16. http://dx.doi.org/10.35536/lje.2014.v19.isp.a1.

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This paper seeks to describe and analyze the parallel foreign exchange (FX) market in Pakistan. The very nature of this market implies that there is little formal documentation or data to describe it, and so any assessment will be, by definition, subjective. However, parties that transact in the parallel market are familiar with parts of it, on which basis this paper aims to give a comprehensive picture of the structure and evolution of this market in Pakistan. We start with a brief historical perspective, which flags the importance of workers’ remittances to the country and explains how the bulk of this inflow is transacted through the hundi/hawala network (informal moneychangers). We then place this network within the context of the larger FX market and show how it interfaces with the interbank market. We also discuss how many hundi/hawala agents have evolved into formal exchange companies and list the various sources and uses of FX transacted in the kerb market. The conclusion spells out the importance and resilience of the parallel FX market, the need to push toward full amalgamation with the formal FX market, and the key role of workers’ remittances in Pakistan’s macro-economy.

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12

SWEENEY, RICHARD J. "Beating the Foreign Exchange Market." Journal of Finance 41, no. 1 (March 1986): 163–82. http://dx.doi.org/10.1111/j.1540-6261.1986.tb04497.x.

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13

GNOATTO, ALESSANDRO. "COHERENT FOREIGN EXCHANGE MARKET MODELS." International Journal of Theoretical and Applied Finance 20, no. 01 (February 2017): 1750007. http://dx.doi.org/10.1142/s0219024917500078.

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A model describing the dynamics of a foreign exchange (FX) rate should preserve the same level of analytical tractability when the inverted FX process is considered. We show that affine stochastic volatility models satisfy such a requirement. Such a finding allows us to use affine stochastic volatility models as a building block for FX dynamics that are functionally-invariant with respect to the construction of suitable products/ratios of rates, thus generalizing the model of [A. De Col, A. Gnoatto & M. Grasselli (2013) Smiles all around: FX joint calibration in a multi-Heston model, Journal of Banking and Finance 37 (10), 3799–3818.].

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14

Wu, Jyh-Lin, and Show-Lin Chen. "Foreign exchange market efficiency revisited." Journal of International Money and Finance 17, no. 5 (October 1998): 831–38. http://dx.doi.org/10.1016/s0261-5606(98)00028-x.

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15

Grosse, Robert. "Jamaica's foreign exchange black market." Journal of Development Studies 31, no. 1 (October 1994): 17–43. http://dx.doi.org/10.1080/00220389408422347.

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16

Yang, Xin, Shigang Wen, Zhifeng Liu, Cai Li, and Chuangxia Huang. "Dynamic Properties of Foreign Exchange Complex Network." Mathematics 7, no. 9 (September 9, 2019): 832. http://dx.doi.org/10.3390/math7090832.

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The foreign exchange (FX) market, one of the important components of the financial market, is a typical complex system. In this paper, by resorting to the complex network method, we use the daily closing prices of 41 FX markets to build the dynamical networks and their minimum spanning tree (MST) maps by virtue of a moving window correlation coefficient. The properties of FX networks are characterized by the normalized tree length, node degree distributions, centrality measures and edge survival ratios. Empirical results show that: (i) the normalized tree length plays a role in identifying crises and is negatively correlated with the market return and volatility; (ii) 83% of FX networks follow power-law node degree distribution, which means that the FX market is a typical heterogeneous market, and a few hub nodes play key roles in the market; (iii) the highest centrality measures reveal that the USD, EUR and CNY are the three most powerful currencies in FX markets; and (iv) the edge survival ratio analysis implies that the FX structure is relatively stable.

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17

KURLYANDSKII, Viktor V., and Aleksandr N. BILANENKO. "Using a foreign exchange market asset as a benchmark to assess investment risks in the stock market." Digest Finance 28, no. 3 (September 28, 2023): 271–88. http://dx.doi.org/10.24891/df.28.3.271.

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Subject. This article discusses the use of a foreign exchange market asset as a benchmark in assessing investment risks in the stock market and comparing the dynamics of the return on assets of the stock and foreign exchange markets as a methodological basis for applying a new algorithm for assessing investment risks in practice. Objectives. The article aims to prove the rationality of using an asset of the foreign exchange market as a benchmark in assessing investment risks in the stock market. Methods. For the study, we used a correlation analysis, the Capital Asset Pricing Model (CAPM model), and the multidimensional scaling method. Results. The article presents proof of the rationality of using the asset of the foreign exchange market, namely the Chinese yuan as a benchmark in assessing investment risks in the stock market. Based on the comparison of the dynamics of the return on assets of the stock and foreign exchange markets, the article proposes and tests a new algorithm for assessing investment risks in practice. Conclusions. The article concludes that it is necessary to make a change in the traditional decision-making model when assessing the economic feasibility of investment operations, recognizing the rational use of a foreign exchange market asset as a benchmark in assessing investment risks in the stock market.

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18

Mishra, Amritkant. "Investigation of volatility and spillover in foreign ex-change return in Indian Chinese & Malaysian market." International Journal of Accounting and Economics Studies 5, no. 2 (October 5, 2017): 150. http://dx.doi.org/10.14419/ijaes.v5i2.8302.

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In this paper it is tried to make the comparison the foreign exchange return volatility in the three emerging economies of Asia. It is also endeavored to investigate the return co-movement and the volatility spillover between the foreign exchange markets of India, China and Malaysia with reference of US dollar, Indian Rupees, Chinese Yuan and Malaysian Ringgit in each other foreign exchange market to. The daily data have collected from Federal Reserve data base from April 2012 to March 2017. For analysis MGARCH model, the GARCH DCC as well as VAR model applied. The empirical result of volatility spillover effect shows that in Indian and Malaysian foreign exchange market the US dollar seems as shock transmitter. It also shows that the influence of US dollar in Chinese foreign exchange market is very low as compare to the Indian and Malaysian exchange rate market. In Chinese market Malaysian ringgit is dominant currency and it transmits the shocks to the US dollar. The conditional volatility result shows that among all the foreign exchange market, Indian market has high volatility return of foreign currency as compare to other market.

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19

Jung, Dae-Sung. "An Empirical Study on Return Spillovers among Asian foreign exchange markets." Korea International Trade Research Institute 18, no. 5 (October 31, 2022): 345–57. http://dx.doi.org/10.16980/jitc.18.5.202210.345.

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Purpose - This paper analyzes the connectivity of Asian foreign exchange markets using the volatility spillover index of Diebold and Yilmaz (2009/2012). Design/Methodology/Approach - The paper used exchange rate data for 11 Asian countries (Korea, Japan, Hong Kong, Singapore, Malaysia, China, Thailand, Indonesia, Taiwan, the Philippines, and Vietnam) and Australia. The data period is from January 2, 2015, to October 4, 2022. Analysis used the volatility spillover index model of Diebold and Yilmaz (2012). Findings - As a result, it was found that there were return spillovers in the Asian foreign exchange market, and the total volatility transfer is 59.5%. Singapore, Taiwan, Australia, Korea, Malaysia, Thailand, Indonesia, China, the Philippines, Japan, Vietnam, and Hong Kong have the highest outflow transfer effect in the Asian foreign exchange market, in that order. Singapore, Korea, Australia, Malaysia, Taiwan, Thailand, Indonesia, China, the Philippines, Vietnam, Japan, and Hong Kong have the highest inflow transfer effect, in that order. Singapore, Taiwan, Australia, Korea, Malaysia, and Thailand are the leading markets in the Asian foreign exchange market, while Vietnam, Japan, Hong Kong, China, the Philippines, and Indonesia are dependent markets in the Asian foreign exchange market. As a result of analyzing through a sample moving average analysis, it was found that the outbreak of COVID-19 and the WHO pandemic declaration had the strongest effect on the linkage of the foreign exchange market. Research Implications - This study empirically demonstrates the importance of linkages between markets for investors and policy makers in the foreign exchange market.

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Onour, Ibrahim A., and Bruno S. Sergi. "The impact of a political shock on foreign exchange markets in a small and open economy: A dynamic modelling approach." Journal of Central Banking Theory and Practice 10, no. 3 (September 1, 2021): 137–52. http://dx.doi.org/10.2478/jcbtp-2021-0028.

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Abstract This paper aims to analyse the dynamics of foreign exchange markets in a country facing political uncertainty that prompt capital outflow from the country1. The economic environment under investigation is characterized by dual foreign exchange markets: a formal or official market for foreign exchange with insufficient and volatile foreign exchange flows, and a strong and thriving informal market, with a higher exchange rate2. The findings in the paper indicate a necessary condition for stabilization of the exchange rate system and that is that the return on investment should exceed the depreciation rate of domestic currency in the formal foreign exchange market. This condition implies that the return on investment should at least compensate investors for the opportunity cost of holding domestic money in their private portfolio wealth. Our findings also indicate that stability of the foreign exchange rates is more difficult to achieve under insufficient official reserves as the recovery process from a shock becomes more costly in terms of time period needed for the adjustment process to complete. The dynamic path of the foreign exchange premium shows that under massive capital outflow caused by economic sanctions, the informal market exchange rate overshoots the equilibrium stationary exchange rate, and the size of such overshooting depends on the size of available foreign exchange reserves held by the central bank.

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Thakolsri, Supachok. "Modeling the relationships among gold price, oil price, foreign exchange, and the stock market index in Thailand." Investment Management and Financial Innovations 18, no. 2 (June 11, 2021): 261–72. http://dx.doi.org/10.21511/imfi.18(2).2021.21.

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This study examines the relationship among the price variables in the Thailand stock market, the foreign exchange market, the international gold market, and the crude oil market. Specifically, the study investigates whether (1) there exists a long-run equilibrium among oil price, gold price, foreign exchange, and the stock market index in Thailand, and (2) there is any dynamic effect of each asset market on other asset markets. All asset price series have shown both upward and downward trends over the study period. All monthly series in four markets from January 2000 to December 2018 are nonstationary and are integrated of order one. Then, the Johansen cointegration test is employed. The normalized cointegrating coefficients are negative. Such empirical result reveals that a significant long-run relationship exists among price variables in all asset markets, so that each asset class acts as a hedge against each other. The Granger causality test shows that the causations run from the stock price to the foreign exchange rate and the international gold price to the foreign exchange rate. Other short-run relationships have no significant causal links.

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22

Oberlechner, Thomas. "Evaluation of Currencies in the Foreign Exchange Market: Attitudes and Expectations of Foreign Exchange Traders." Zeitschrift für Sozialpsychologie 32, no. 3 (September 2001): 180–88. http://dx.doi.org/10.1024//0044-3514.32.3.180.

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Summary: This article examines whether there is a connection between the attitudes of traders in the foreign exchange market and their expectations of future exchange rate developments. A psychological understanding of expectations is contrasted to the prevailing economic view of rational expectations. Findings are based on a questionnaire survey of 321 foreign exchange traders in Austria, Germany, Switzerland, and the UK. Factor analyses of semantic differential ratings of currencies result in three main factors on which currencies are evaluated. Foreign exchange traders of smaller countries (Austria, Switzerland) evaluate their home currency more positively than do other traders. Positive attitudes toward a currency correlate with expectations of currency appreciation. Social Identity Theory helps to explain the observed differences in evaluations of domestic currencies. In order to better understand financial markets, the economic assumption that expectations of market participants are unbiased and rational has to be replaced by a psychology of human market expectations.

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23

Ohwadua, E. O., and A. R. Akanji. "Dual Foreign Exchange Rate in Nigeria: Stylised Facts and Volatility Modelling." Journal of Advances in Mathematics and Computer Science 38, no. 9 (July 28, 2023): 81–97. http://dx.doi.org/10.9734/jamcs/2023/v38i91806.

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This study examines the dual dynamics of Interbank Foreign Exchange Market (IFEM) and Bureau De Change (BDC) Market rates between the Nigerian Naira and the US Dollar over a ten-year period from 2012 to 2022. We investigate the dual foreign exchange rates – Interbank Foreign Exchange Market (IFEM) and Bureau De Change (BDC) Market rates between the Nigerian Naira and the US Dollar for ten years from 2012 to 2022. By employing MGARCH (multivariate generalized autoregressive conditional heteroscedasticity), we analyse the volatility of the naira in the dual foreign exchange windows and examine the stylised facts as it affects forex management in Nigeria. Our findings confirm and extend the results of previous research, emphasizing the role of market segmentation, information asymmetry, autocorrelation, stationarity, volatility clustering, correlation dynamics, and spillover effects in the foreign exchange markets.

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Li, Wei. "Applications of Financial Technology in Foreign Exchange Market." E3S Web of Conferences 233 (2021): 01160. http://dx.doi.org/10.1051/e3sconf/202123301160.

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Financial technology (Fintech), including a series of advanced technologies such as big data, artificial intelligence and block-chain, has been gradually applied to various industries after years of development and will become the major driver of the future financial industry. As one of the largest financial markets in the world, the traditional foreign exchange service industry is gradually entering the era of fintech, bringing new vitality to the foreign exchange market through advanced technology and improving the efficiency of foreign exchange management. However, while enjoying the opportunities brought by fintech to the foreign exchange field, practitioners in both fintech and the foreign exchange industry should also actively face the challenges and try to build a safe and efficient foreign exchange market environment.

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25

Barinov, Eduard. "Exchanges of foreign countries." Scientific notes of the Russian academy of entrepreneurship 19, no. 2 (May 28, 2020): 90–99. http://dx.doi.org/10.24182/2073-6258-2020-19-2-90-99.

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The article deals with exchanges of a number of foreign countries. The changes that have taken place in this segment of the financial market over the past decades are noted. Data on exchanges in the United States, Great Britain, Canada, Germany, Japan, China and other countries are provided. The mechanism of placement of securities on the exchange market is described.

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26

Hoshikawa, Takeshi. "Exchange rate rebounds after foreign exchange market interventions." Physica A: Statistical Mechanics and its Applications 469 (March 2017): 102–10. http://dx.doi.org/10.1016/j.physa.2016.11.044.

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27

Li, Jing, and Norman C. Miller. "Foreign exchange market inefficiency and exchange rate anomalies." Journal of International Financial Markets, Institutions and Money 34 (January 2015): 311–20. http://dx.doi.org/10.1016/j.intfin.2014.12.001.

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28

Hoque, Ariful, Thi Ngoc Quynh Le, and Kamrul Hassan. "Does currency smirk predict foreign exchange return?" Investment Management and Financial Innovations 17, no. 3 (September 23, 2020): 219–30. http://dx.doi.org/10.21511/imfi.17(3).2020.17.

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This study examines the predictive power of implied volatility smirk to forecast foreign exchange (FX) return. The volatility smirk contains critical information, especially when the market experiences negative news. The Australian dollar, Canadian dollar, Swiss franc, Euro, and British pound options traded in the opening, midday and closing periods of the trading day are selected to estimate the currency smirk. Research results reveal that the currency smirk outperforms in forecasting FX returns. In addition, the steeper slope in the middle of the trading day suggests that the predictive power of currency smirk in the midday period is higher compared to the opening and closing periods. However, currency smirks’ predictability lasts for a short period, as the FX market is highly adept at incorporating the vital information embedded in the currency smirk. These findings imply that the currency smirk is distinctive for forecasting very short-term FX fluctuations, and the day- or overnight FX traders can use its uniqueness to profit from quick price swings in the 24-hour global FX market.

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Veraart, Luitgard A. M. "Optimal Market Making in the Foreign Exchange Market." Applied Mathematical Finance 17, no. 4 (July 27, 2010): 359–72. http://dx.doi.org/10.1080/13504860903387588.

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30

Kunal. "FOREIGN EXCHANGE MARKET, MONEY MARKET AND RBI INTERVENTION." European Journal of Business Research 14, no. 3 (October 1, 2014): 99–134. http://dx.doi.org/10.18374/ejbr-14-3.12.

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31

Zaitsev, O., and T. Dvorianova. "ACQUAINTANCE TO FOREX FOREIGN EXCHANGE MARKET." Vìsnik Sumsʹkogo deržavnogo unìversitetu, no. 1 (2020): 174–80. http://dx.doi.org/10.21272/1817-9215.2020.1-20.

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The article draws attention to the steady growth of the general trend of direct participation of individuals in financial transactions using electronic platforms. In particular, the article notes the increased interest in participating in operations in the Forex currency market. It is emphasized that relatively technically easy access to participation in financial transactions through the use of electronic platforms is currently a potential threat to financial security for the funds of participants in such transactions. This is a lack of professional training of most novice traders who voluntarily become participants in financial transactions. It is emphasized that stock exchange transactions on stock markets, purchase and sale of currency on electronic platforms, transactions with gold, etc. require, along with general, also special knowledge on certain specific areas of economic development and financial relations. Also, psychological and behavioral factors begin to "work" in such relationships. It is noted that only from the beginning of 2019 in Ukraine at the legislative level began a systematic regulation of the structure of the foreign exchange market and the procedure for trading in foreign currency. The article states that it is time to pay attention to digitalized trading activities from a professional point of view and start teaching in educational institutions the relevant disciplines for training and acquiring students' general skills in trade and financial transactions on electronic platforms. From this point of view, the article provides an introductory review of the Forex currency market, outlines the principles of its operation, pays more attention to trading strategies. As a result, the following conclusions are made that, first, the foreign exchange market is highly profitable provided that its trends are mastered; secondly, the foreign exchange market is high risk; it is necessary to understand not only in many terms, but, especially, in processes and situations in the financial-globalized world to confidently use charts of change of cost of currencies for profit; thirdly, there are many different strategies that can be used successfully in the currency market, from the simplest - for amateurs, to more complex - for experienced traders, but none of them will fit perfectly for a particular psychotype, professional level and amount of time a person - trader can pay trade. Of particular value, according to the authors, is the following conclusion: a trader creates his own strategy, which provides a greater likelihood of earnings in the international Forex market. Currency trader is a creative activity, but an activity based on mastering a large base of professional knowledge.

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A. Ogundipe, Adeyemi, Joys Alabi, Abiola J. Asaleye, and Oluwatomisin M. Ogundipe. "Exchange rate volatility and foreign portfolio investment in Nigeria." Investment Management and Financial Innovations 16, no. 3 (September 27, 2019): 241–50. http://dx.doi.org/10.21511/imfi.16(3).2019.22.

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The study examines the link between exchange rate volatility and foreign portfolio in Nigeria using data that covers the period 1996Q1 to 2016Q4. The theoretical framework used is the return and creditworthiness model, which is based on the push and pull factors theory. In achieving the objective, the study adopted the vector autoregressive model in ascertaining the dynamics between exchange rate volatility and foreign portfolio investment in Nigeria. Also, the study examines the impact of exchange rate innovations (shocks) on foreign portfolio investment and equally assesses how induced variations in foreign portfolio investment are decomposed among the variables in the model. It was also found that exchange rate volatility and market capitalization significantly and largely explain the variations in foreign portfolio investment. The impulse response analysis shows that foreign portfolio investment was more responsive to standard deviation shocks in market capitalization and exchange rate, implying that these variables were more responsible for the dynamism in FPI. As the horizons expand, shocks to market capitalization and exchange rate increase foreign portfolio investment, whereas shocks to GDP and inflation made foreign portfolio investment dwindle. In the same manner, in decomposing the induced variation in foreign portfolio investment, forecast error shocks in market capitalization, exchange rate and GDP explain more of the variation in foreign portfolio investment.

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33

Martin, Vesna. "Intervention Strategies in Foreign Exchange Market." Economic Themes 58, no. 3 (September 1, 2020): 381–99. http://dx.doi.org/10.2478/ethemes-2020-0022.

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Abstract The goal of the paper is to present the intervention strategies used by central banks in order to influence the value of the domestic currency, transparency versus discretion when it comes to publishing data about FX intervention and the cost and effectiveness of intervention. It is rarely that nowadays countries allow for an exchange rate to be formed on the market basis through the effects of supply and demand for foreign exchange on the foreign exchange market. The central bank buys or sells a foreign currency in the foreign exchange market in order to increase or decrease the value of its national currency in comparison to the foreign currency. The reasons for the intervention are the reduction of short-term oscillations of the exchange rate, the impact at the level of foreign exchange reserves, as well as the maintaining the price and financial stability as the ultimate goal of most central banks. The paper will present intervention strategies on foreign exchange market, which involves the implementation of interventions in the market of options, forward, foreign currency repo and foreign currency swaps. Then, on the spot market, interventions using an auction, as well as the application of foreign currency indexed certificates.

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Grosse, Robert. "Peru's Black Market in Foreign Exchange." Journal of Interamerican Studies and World Affairs 33, no. 3 (1991): 135–68. http://dx.doi.org/10.2307/165936.

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The foreign exchange market in Peru experienced the same kinds of overwhelming volatility and severe shocks as the rest of the national economy during the 1980s. Beginning in 1980, Peru's economy was buffeted by a severe decline in copper prices followed, in 1982, by a huge increase in real debt servicing costs as a result of the drop in industrial-country inflation and remaining high dollar interest rates. This simultaneous squeeze on export earnings and hike in debt service cost led to an inability to meet foreign debt commitments and, essentially, a cutoff from access to foreign capital.

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Epaphra, Manamba, and Khatibu Kazungu. "Efficiency of Tanzania's foreign exchange market." African Development Review 33, no. 2 (May 18, 2021): 368–81. http://dx.doi.org/10.1111/1467-8268.12538.

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Matebejana, Gofaone, Gaotlhobogwe Motlaleng, and James Juana. "Foreign Exchange Market Efficiency In Botswana." Review of Economic and Business Studies 10, no. 1 (June 27, 2017): 103–25. http://dx.doi.org/10.1515/rebs-2017-0050.

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Abstract The random walk behaviour of exchange rates in Botswana’s foreign exchange market is explored by employing unit root tests. The unit root tests employed include the ADF, PP and the KPSS. This paper uses monthly data for the period 2000:01 to 2015:12. The conclusive evidence based on the unit roots tests indicates that the behaviour of the Pula against the South African Rand, Japanese Yen and the American Dollar exchange rates is consistent with the random walk process and the weak form efficiency market hypothesis. However, the Pula against the British Pound is inconsistent with the weak form efficiency market hypothesis. These results compliment those from Namibia (Mabakeng and Sheefeni, 2014). Furthermore, there is no evidence of the semi-strong form level of efficiency as revealed by the cointegration results obtained. These results corroborates with those found by Wickremasinghe (2008) and Çiçek (2014) in which weak form was found to exist whilst the semi-strong form was found not to exist. This paper has filled an important gap as it is the first study to investigate the efficiency of the foreign exchange market in Botswana.

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LEVICH, RICHARD M. "IS THE FOREIGN EXCHANGE MARKET EFFICIENT?" Oxford Review of Economic Policy 5, no. 3 (1989): 40–60. http://dx.doi.org/10.1093/oxrep/5.3.40.

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Ferré, Montserrat, and Stephen G. Hall. "Foreign exchange market efficiency and cointegration." Applied Financial Economics 12, no. 2 (February 2002): 131–39. http://dx.doi.org/10.1080/09603100110090055.

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Walton, Peter. "Accounting in the foreign exchange market." British Accounting Review 20, no. 3 (December 1988): 307–8. http://dx.doi.org/10.1016/0890-8389(88)90091-1.

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40

Ligeralde, Antonio V. "Simple foreign exchange market efficiency revisited." Economics Letters 46, no. 3 (November 1994): 257–62. http://dx.doi.org/10.1016/0165-1765(94)00487-0.

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Grosse, Robert. "Colombia's black market in foreign exchange." World Development 20, no. 8 (August 1992): 1193–207. http://dx.doi.org/10.1016/0305-750x(92)90010-s.

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Doukas, John, and Melhem Melhem. "Overshooting in the foreign exchange market." Economics Letters 19, no. 3 (January 1985): 267–70. http://dx.doi.org/10.1016/0165-1765(85)90034-5.

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Fishelson, Gideon. "The black market for foreign exchange." Economics Letters 27, no. 1 (January 1988): 67–71. http://dx.doi.org/10.1016/0165-1765(88)90221-2.

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MacDonald, Ronald, and Mark P. Taylor. "Foreign exchange market efficiency and cointegration." Economics Letters 29, no. 1 (January 1989): 63–68. http://dx.doi.org/10.1016/0165-1765(89)90174-2.

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Vasiurenko, Oleg, Vyacheslav Lyashenko, Valeria Baranova, and Zhanna Deineko. "Spatial-Temporal Analysis the Dynamics of Changes on the Foreign Exchange Market: an Empirical Estimates from Ukraine." Journal of Asian Multicultural Research for Economy and Management Study 1, no. 2 (November 2, 2020): 1–6. http://dx.doi.org/10.47616/jamrems.v1i2.41.

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The foreign exchange market plays an important role in the formation and development of financial markets. This market is of particular importance for emerging economies. To understand market trends (to understand and develop a strategy for its development), it is necessary to analyze historical data. It is also important to use different methods to carry out this analysis. Based on this, the paper analyzes the foreign exchange market in Ukraine for the period 2014-2018. For this analysis, the wavelet coherence methodology is used. This made it possible to assess the development of the foreign exchange market in Ukraine.

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Mohanty, Debasis, Amiya Kumar Mohapatra, Sasikanta Tripathy, and Rahul Matta. "Nexus between foreign exchange rate and stock market: evidence from India." Investment Management and Financial Innovations 20, no. 3 (July 31, 2023): 79–90. http://dx.doi.org/10.21511/imfi.20(3).2023.07.

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This study examines the impact of foreign exchange rate fluctuations on various NSE capitalized indices of India. Five exchange rates were chosen based on trading contracts in the currency derivative segment of NSE. These exchange rates are US Dollar-Indian Rupee (USD/INR), Euro-Indian Rupee (EUR/INR), Great Britain Pound-Indian Rupee (GBP/INR), Chinese Yuan-Indian Rupee (CNY/INR) and Japanese Yen-Indian Rupee (JPY/INR), which are used as a regressor in this study. The data of NSE Nifty large-cap 100, Nifty mid-cap 100 and Nifty small-cap from December 1, 2012 to December 1, 2022 was considered for the study. GARCH (1, 1) model was used to analyze the nexus between exchange rate fluctuations and capitalized indices, and it was further validated by DCC GARCH to evaluate the volatility spillover. The result shows that exchange rate fluctuations have a positive effect on stock market volatility along with a varying degree of incidence on small-cap, mid-cap, and large-cap. DCC α has been found to be significant in USD &amp; GBP for small-cap, and GBP &amp; CNY for mid-cap. On the other hand, USD, Euro, CNY and JPY have a significant impact on the large-cap index in the short-run. Further, it is found that there is long-run spillover effect (DCC β) of exchange rates on all capitalized indices of the Indian stock market, and it is highest in in the large-cap case.

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A. Obalade, Adefemi. "Investigating adaptive behavior in the foreign exchange market: ZAR versus USD and CNY." Investment Management and Financial Innovations 18, no. 2 (June 30, 2021): 391–401. http://dx.doi.org/10.21511/imfi.18(2).2021.31.

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This study examines the adaptive behavior of South African Rand (ZAR) exchange rate against its major trading partners, the US Dollar (USD) and the Chinese Yuan (CNY) over the period 1999-2020. The study uses a rolling parametric linear variance ratio (VR) test, nonparametric linear runs test, and non-linear Brock, Dechert and Scheinkman (BDS) test to determine time-varying predictability and regression analyses to assess the effect of market conditions. The results show that the foreign exchange market was found to be inefficient based on the VR tests, but efficient with very few windows of inefficiency based on the runs test and BDS test. In addition, apart from the GDP, none of the market conditions studied is associated with non-parametric linear and nonlinear predictabilities. The study draws two main conclusions. Firstly, the South African foreign exchange market is adaptively efficient. Secondly, foreign exchange market efficiency is primarily driven by the level of economic growth. Practically, it will be difficult for investors to exploit the few windows of predictability in the South African foreign exchange market by focusing mainly on the market conditions studied.

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Pan, Juntong. "Issues and solutions in China's foreign exchange market." BCP Business & Management 28 (October 14, 2022): 287–92. http://dx.doi.org/10.54691/bcpbm.v28i.2251.

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The foreign exchange market, as a commercial location for all sorts of foreign exchange transactions, is the product of the monetisation of the commodity economy and expansion to the world. The Chinese foreign exchange market has only just begun, compared with the norms of international foreign exchange market, and the larger gap, still is not perfected in some aspects, for example, size, market trading volume, trading subject, currency structure, management and regulation mechanism, laws and regulations, the lack of a unified foreign exchange market. Therefore, appropriate development strategies should be adopted for foreign exchange trading subjects, i.e., trading varieties, trading costs and trading methods.

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Mustafa, Matrodji, and Agustini Hamid. "ANALYZING TIME EFFECT IN THE PUSH AND PULL FACTORS AFFECTING FOREIGN PORTFOLIO INVESTMENT IN INDONESIA STOCK MARKET (CASE STUDY OF FOREIGN BUYING DURING THE PERIOD 2003-2018)." Dinasti International Journal of Management Science 2, no. 5 (July 6, 2021): 777–94. http://dx.doi.org/10.31933/dijms.v2i5.876.

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This study examined the influence of pull and push factors on foreign portfolio investment in Indonesia Stock Market. Two measures of foreign portfolio investment are foreign investor total buying and foreign investor net buying. The pull factors are represented by Return on Jakarta Composite Index, Jakarta Stock Marker liquidity, IDR Exchange Rate, and Infation Rate. The push factors included are return on Dow Jones Industrial Average, Yield on US Treasury Bill, and return on Gold. This study takes Foreign Investor Total Buying and Foreign Investor Net Buying as dependent variables. To accomodate time or year effect, a panel data regression is employed as analytical tool. Processing monthly data from January 2003 to December 2018, and using Foreign Investor Total Buying as dependent variable, this study finds that exchange rate and stock market liquidity affect the foreign investor total buying significantly. The negative coefficients of exchange rate and the positive coefficient of stock market liquidity support the hypotheses. The regression on Net Buying shows that exchange rate, stock market return, and stock market liquidity affect foreign investor net buying significantly. The negative coefficient of exchange rate and positive coefficient of stock market return support the hypotheses while the negative coefficient of stock market liquidity does not. The individual year fixed effect and individual year random are present in the first and second regressions repectively. In both regressions, no variables in push factors affect foreign portfolio investment significantly. hence, the foreign portfolio investment in Indonesia is affected only by pull factors

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Khalaf, Ammar. "Foreign exchange market pressure index and monetary policy in Iraq." Ekonomski anali 63, no. 219 (2018): 61–82. http://dx.doi.org/10.2298/eka1819061k.

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This paper?s aims are to adequately measure a foreign exchange market pressure index that can be used to discover pressures in the Iraqi foreign exchange market early on, and to examine the effect of monetary policy intervention in the Iraqi foreign exchange market. The modelling approach used is Autoregressive Distributed Lag (ARDL), with monthly time series data spanning 2013-2017. The index used in this paper was able to identify different periods of pressure in the Iraqi foreign exchange market. In addition, the econometric analysis found that the traditional proxies for monetary policy intervention in the foreign exchange market, such as domestic credit and money multiplier, were ineffective in the case of Iraq. The results show that the Central Bank of Iraq (CBI) relied extensively on foreign reserves to mitigate pressures in the foreign exchange market. Due to the nature of the Iraqi economy and where the main source of foreign currency is oil exports, the CBI adopted a fixed exchange rate regime to control inflationary expectations and stabilize the foreign exchange market.

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