Format:
33 S
,
Tab.
,
b
ISBN:
3935821514
Series Statement:
Diskussionspapier / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank 08/03
Content:
A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between 1999 and mid-2002. Econometric studies confirm the existence of a time-variable exchange rate premium in all of the above countries. However, information and transaction costs also appear to be responsible for the observed deviations from speculative efficiency. The segmentation of the foreign exchange markets is likely to hamper the coordination of national monetary and foreign exchange policies within ERM II. In addition, this segmentation increases uncertainty in setting the central rate against the euro.
Note:
Literaturverz. S. 24 - 28
,
Zsfassungen in dt. und engl. Sprache
Additional Edition:
Erscheint auch als Online-Ausgabe Herrmann, Sabine, 1969 - Die internationale Integration der Devisenmärkte in den mittel- und osteuropäischen Beitrittsländern Frankfurt am Main : Deutsche Bundesbank, 2003
Language:
German
Subjects:
Economics
Keywords:
Osteuropa
;
Devisenmarkt
;
Integration
;
Europäische Union
;
Währungsunion
;
Arbeitspapier
;
Graue Literatur
URL:
www.bundesbank.de/vo/download/dkp/2003/08/200308dkp_d.pdf
Author information:
Jochem, Axel
Author information:
Herrmann, Sabine 1969-
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