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150128 ||| eng |
| 020 |
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|a 9781451844504
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| 100 |
1 |
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|a Miller, Norman
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| 245 |
0 |
0 |
|a Explaining Foreign Exchange Market Puzzles
|c Norman Miller
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| 260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 1999
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| 300 |
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|a 29 pages
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| 651 |
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4 |
|a United States
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| 653 |
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|a Balance of trade
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| 653 |
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|a Investment
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| 653 |
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|a Finance
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| 653 |
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|a Return on investment
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| 653 |
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|a Currency; Foreign exchange
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| 653 |
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|a Trade balance
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| 653 |
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|a Exports and Imports
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| 653 |
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|a Intangible Capital
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| 653 |
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|a International economics
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| 653 |
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|a National accounts
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| 653 |
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|a International Financial Markets
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| 653 |
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|a Currency markets
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| 653 |
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|a Foreign Exchange
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| 653 |
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|a International Finance: General
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| 653 |
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|a Financial markets
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| 653 |
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|a Saving and investment
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| 653 |
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|a International trade
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| 653 |
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|a Investments: General
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| 653 |
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|a Macroeconomics
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| 653 |
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|a Capacity
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| 653 |
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|a Foreign exchange market
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| 653 |
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|a Exchange rates
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| 653 |
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|a Empirical Studies of Trade
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| 653 |
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|a Capital
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| 653 |
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|a Finance: General
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| 653 |
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|a Foreign exchange
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| 041 |
0 |
7 |
|a eng
|2 ISO 639-2
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| 989 |
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|b IMF
|a International Monetary Fund
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| 490 |
0 |
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|a IMF Working Papers
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| 028 |
5 |
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|a 10.5089/9781451844504.001
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| 856 |
4 |
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|u https://elibrary.imf.org/view/journals/001/1999/027/001.1999.issue-027-en.xml?cid=2902-com-dsp-marc
|x Verlag
|3 Volltext
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| 082 |
0 |
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|a 330
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| 520 |
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|a The paper develops a flow model of the exchange rate with speculative capital flows integrated in a rigorous manner. The model is consistent with five foreign exchange market puzzles: (1) occasional discontinuous jumps in the exchange rate; (2) periodic short-term regimes of persistent appreciation/depreciation that can develop into a long swing; (3) the forward discount bias; (4) volatility clusters in the foreign exchange market that create conditional heteroskedasticity; and (5) the dual profitability of betting in the short run against any official foreign exchange intervention, and betting with the intervention in the long run
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