Suchergebnisse

"Book department": p. 320-346. ; -- The function of produce exchanges, by S. S. Huebner.--Methods of marketing the grain crop, by S. Harris.--Classification of grain into grades, by J. C. F. Merrill.--Grain inspection in Illinois, by W. S. Cowen.--The crop reporting system, by N. C. Murray.--Current sources of information in produce markets, by B. D. Mudgett.-- Governmental regulation of speculation, by C. Parker.--Factors affecting commodity prices, by R. W. Babson.--Board of trade of the city of Chicago, by G. F. Stone.--The New York produce exchange, by E. R. Carhart.--Merchants' exchange of St. Louis, by G. H. Morgan.--The exchanges of Minneapolis, Duluth, Kansas City, Mo., Omaha, Buffalo, Philadelphia, Milwaukee and Toledo.--Cotton exchanges and their economic functions, by A. R. Marsh.--Financing of cotton, by J. J. Arnold.--The coffee market, by G. G. Huebner.--Communication: Shipping facilities between the United States and South America, by W. E. Humphrey. ; Mode of access: Internet.

The paper analyzes experimental markets where subjects buy and sell two different assets. The assets' properties vary across treatments, and their relative price is the exchange rate. Although both assets uniformly exhibit bubbles, the exchange rate satisfies cross‐currency arbitrage. There is no evidence of a positive risk premium in these markets, and almost all subjects' forecasts of the exchange rate are rational.

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.

This study shows that order flow in a foreign exchange market only has permanent price impact if it comes from certain regions. These regions are as predicted by the local information hypothesis centers of political and financial decision making. It is revealing that orders from other regions only show a very short-lived but no permanent price impact. Local information is so important that it carries over from the usually considered market orders to aggressively-priced limit orders too. The finding is robust to various market conditions, common news shocks and consideration of feedback trading.

This study shows that order flow in a foreign exchange market only has permanent price impact if it comes from certain regions. These regions are – as predicted by the local information hypothesis – centers of political and financial decision making. It is revealing that orders from other regions only show a very short-lived but no permanent price impact. Local information is so important that it carries over from the usually considered market orders to aggressively-priced limit orders too. The finding is robust to various market conditions, common news shocks and consideration of feedback trading.