商品簡介
Historically, the fields of exchange-rate economics and microstructure finance haveprogressed independently of each other. Recent interaction, however, has given rise to amicrostructure approach to exchange rates. This book focuses on the economics of financialinformation and how microstructure tools help to clarify the types of information most relevant toexchange rates.The microstructure approach views exchange rates from the perspective of the tradingroom, the place where exchange rates are actually determined. Emphasizing information economics overinstitutional issues, the approach departs from three unrealistic assumptions common to previousapproaches: that all information relevant to exchange rates is publicly available, that all marketparticipants are alike in their goals or in how they view information, and that how trading isorganized is inconsequential for exchange rates. The book shows how exchange-rate behaviorpreviously thought to be particularly puzzling can be explained using the microstructure approach.It contains a combination of theoretical and empirical work.
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