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220928 ||| eng |
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|a 9781513556321
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100 |
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|a Schmittmann, Jochen M.
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245 |
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|a Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia
|c Jochen M. Schmittmann, Han Teng Chua
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260 |
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|a Washington, D.C.
|b International Monetary Fund
|c 2020
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300 |
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|a 27 pages
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651 |
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4 |
|a Indonesia
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653 |
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|a Health
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653 |
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|a Payment Systems
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653 |
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|a Infectious & contagious diseases
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653 |
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|a Banks
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653 |
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|a Finance
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653 |
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|a Option pricing
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653 |
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|a Banks and banking
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653 |
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|a Regimes
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653 |
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|a Financial sector policy and analysis
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653 |
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|a Covid-19
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653 |
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|a Mortgages
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653 |
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|a Intangible Capital
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653 |
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|a National accounts
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653 |
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|a Money
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653 |
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|a International Financial Markets
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653 |
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|a Futures Pricing
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653 |
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|a Foreign Exchange
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653 |
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|a Standards
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653 |
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|a Depreciation
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|a Financial markets
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653 |
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|a Currencies
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653 |
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|a Macroeconomics
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653 |
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|a Banking
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653 |
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|a Capacity
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653 |
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|a Diseases: Contagious
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653 |
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|a Capital
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653 |
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|a Communicable diseases
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653 |
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|a Foreign exchange
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653 |
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|a International finance
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653 |
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|a Depository Institutions
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653 |
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|a Externalities
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653 |
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|a Government and the Monetary System
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653 |
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|a Investment
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653 |
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|a Monetary economics
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653 |
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|a Contingent Pricing
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653 |
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|a Micro Finance Institutions
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653 |
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|a Currency
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653 |
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|a Spillovers
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653 |
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|a Health Behavior
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653 |
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|a Currency markets
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653 |
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|a Saving and investment
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653 |
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|a Banks and Banking
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653 |
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|a Investments: General
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653 |
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|a Monetary Systems
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653 |
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|a Foreign exchange market
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653 |
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|a Money and Monetary Policy
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653 |
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|a Finance: General
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700 |
1 |
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|a Chua, Han Teng
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|a eng
|2 ISO 639-2
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|b IMF
|a International Monetary Fund
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|a IMF Working Papers
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|a 10.5089/9781513556321.001
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856 |
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|u https://elibrary.imf.org/view/journals/001/2020/179/001.2020.issue-179-en.xml?cid=49712-com-dsp-marc
|x Verlag
|3 Volltext
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|a 330
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|a Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during market stress episodes including COVID-19. Spillovers from NDFs to onshore markets are a policymaker concern. Our analysis shows that influences tend to run both ways after controlling for differences in timezones between markets. For the COVID-19 pandemic there is some evidence of NDFs leading onshore markets for a few currencies. Policy approaches to NDFs vary widely across Asia from close integration with onshore markets to severe restrictions on NDF trading
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