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The effect of forward exchange on spot-rate volatility under risk and rational expectations

✍ Scribed by Masahiro Kawai


Book ID
115979285
Publisher
Elsevier Science
Year
1984
Tongue
English
Weight
866 KB
Volume
16
Category
Article
ISSN
0022-1996

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The effect of a transaction tax on excha
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## Abstract We argue that a transaction tax is likely to amplify, not dampen, volatility in foreign exchange markets. Our argument stems from the decentralized trading practice and the presumable discrepancy between β€˜informed’ and β€˜uninformed’ traders' valuations. Given that the informed valuations