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A MICROSTRUCTURE ANALYSIS OF THE LIQUIDITY IMPACT OF OPEN MARKET REPURCHASES

✍ Scribed by William J. McNally; Brian F. Smith


Book ID
111215631
Publisher
John Wiley and Sons
Year
2011
Tongue
English
Weight
145 KB
Volume
34
Category
Article
ISSN
0270-2592

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We formulate a market microstructure model of exchange determination we employ to investigate the impact of foreign exchange (FX) intervention on exchange rates and on FX market conditions. With our formulation we show: (i) how FX intervention influences exchange rates via both a portfolio-balance a