Volatile exchange rates and speculation : can the dollar movements of the 1980s be explained?

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Title: Volatile exchange rates and speculation : can the dollar movements of the 1980s be explained?
Author: Urvas, Antti
Organization: Bank of Finland
Suomen Pankki
Department / Unit: Bank of Finland Market Operations Department
Series: Bank of Finland Research Discussion Papers
Suomen Pankin keskustelualoitteita
Series number: 2/1991
Year of publication: 1991
Publication date: 15.1.1991
Pages: 126
Subject (yso): valuuttakurssit; volatiliteetti; taloudelliset mallit; Yhdysvaltain dollari
Keywords: Yhdysvallat
Abstract: The paper analyzes why exchange rates can deviate substantially from levels predicted by economic fundamentals. Chapter 2 reviews traditional exhange rate models and shows how they fail. Since speculation seems to·play a role in exchange rate determination, speculation and expectations formation are discussed in chapter 3. Chapters 4 and 5 review results from latest studies in exchange rate determination and short-term behaviour of the foreign exchange market. News' role and for~ ign exhange market's efficiency are discussed in chapter 6. Chapter 7 describes the speculative nature of the foreign exhange market, market's development in 1980s and central banks' role in the market.
Rights: https://helda.helsinki.fi/bof/copyright


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