Format:
1 online resource (212 pages)
Edition:
1st ed.
ISBN:
9780521632737
,
9780511151934
Content:
Currency Competition is a major study of international currencies which focuses on the role of the Euro, and provides accessible answers to the key questions facing policy-makers, business people and scholars. Philipp Hartmann is a leading economist whose work has been featured in publications including The Wall Street Journal
Note:
Cover -- Half-title -- Title -- Copyright -- Contents -- Figures -- Tables -- Preface and acknowledgements -- 1 Introduction -- 1.1 Importance of currency internationalization and European Monetary Union -- 1.2 Pivotal role of forex markets -- 1.3 Overview of the book -- 2 National and international money: a survey -- 2.1 Functions of international money -- 2.2 Theories of international money -- 2.3 A brief history of international money -- 1970s -- 1980s -- First half of the 1990s -- 3 A theory of vehicle currencies -- 3.1 Introduction -- 3.2 Transaction costs in the forex market -- A dealer model of the bid-ask spread -- 3.3 Structures of currency exchange -- Exchange model -- Foreign exchange 'barter' and the emergence of a vehicle currency -- Network externalities, inertia and multiple equilibria -- Transitions from one dominant vehicle currency to another -- Multiple vehicle currencies and the stability of the international monetary system -- 3.4 Conclusions -- Appendix: multiple vehicles with inter-dealer price and entry competition -- A.1 Inter-dealer competition in a single market -- Linear order processing cost functions -- Non-linear order-processing-cost functions -- Set-up costs, market entry and proftts -- A.2 Exchange structures with inter-dealer and inter-market competition -- Examples with strong economies of scale in vehicle use -- 4 Currency competition between the euro, the dollar and the yen -- 4.1 Introduction -- 4.2 The emergence of the Deutsche mark as a forex vehicle currency and the 'simple arithmetics' of EMU -- 4.3 EMU and forex markets -- The direct impact of EMU -- Follow-up effects of EMU -- 4.4 EMU and foreign trade invoicing -- Stylized facts of trade invoicing behaviour -- The direct impact of EMU -- Follow-up effects of EMU -- 4.5 EMU and official reserve holdings
,
4.6 EMU, international investment and the evolution of European financial markets -- The link between domestic financial market depth and currency internationalization -- Prospects for further European financial market integration and implications for investment currency competition -- 4.7 Conclusions -- 5 Trading volumes and transaction costs: from the short run to the long run -- 5.1 Introduction -- 5.2 Spread theory refined -- 5.3 A survey of spread estimations -- BIS global volumes -- IMM futures volumes -- Tokyo broker volumes -- Reuters tick frequency -- Individual dealer transactions volumes -- Measurement of bid-ask spreads -- 5.4 Spreads and volumes in the short run: a time-series approach -- The predictable and the unpredictable -- Econometric Strategy -- GMM estimation -- Instruments -- Estimation results -- 5.5 Spreads and volumes in the long run: a panel-data approach -- Monthly measures of volumes and volatilities -- Econometric strategy -- Estimation results -- 5.6 Conclusions -- 6 General conclusions -- 6.1 International monetary and financial policies -- 6.2 Theory of international money -- 6.3 Forex market micro-structure analysis -- Bibliography -- Index
Additional Edition:
Print version Hartmann, Philipp Currency Competition and Foreign Exchange Markets Cambridge : Cambridge University Press,c1998 ISBN 9780521632737
Language:
English
Keywords:
Electronic books
URL:
FULL
((OIS Credentials Required))
