Chongqing: Model for a new economic and social policy?
In: China perspectives, Band 2011, Heft 4, S. 62-64
ISSN: 1996-4617
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In: China perspectives, Band 2011, Heft 4, S. 62-64
ISSN: 1996-4617
In: China perspectives: Shenzhou-zhanwang, Heft 4, S. 62-63
ISSN: 2070-3449, 1011-2006
World Affairs Online
In: IMF Working Paper No. 2021/032
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In: IMF Working Paper No. 2022/;168
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In: NBER Working Paper No. w21884
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In: ECB Working Paper No. 1889
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In: IMF working paper WP/17/91
We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the "thin-skinned" view that technological improvements cause markets to react more to new information with the "thick-skinned" view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the "thick-skinned" hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent
In: IMF Working Paper No. 20/78
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Working paper
In: IMF Working Paper No. 18/15
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In: IMF Working Paper No. 19/36
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Working paper
In: IMF Working Paper No. 2023/209
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