Handbook of Exchange Rates (Wiley Handbooks in Financial Engineering and Econometrics, Band 2)Gebundene Ausgabe
Handbook of Exchange Rates is an impressive compilation of research from more than thirty-five leading researchers and experts on the topic. The book is clearly organized into five succinct sections that explore the foreign exchange ( F X) market, from its background and economic foundation to current practices, obstacles, and policies in the modern foreign exchange market. Part I presents an overview of the history of the F X market and exchange rate regimes, the key instruments/players in the F X trading environment, and both macro and micro approaches to F X determination. Next, Part I I focuses on forecasting exchange rates, featuring methodological contributions on the sstatistical methods for evaluating forecast performance, parity relationships, fair value models, and flow-based models. Part I I I treats F X as an asset class, outlining active currency management, currency hedging, hedge accounting, high frequency and algorithmic trading in F X, and F X strategy-based products. Part I V discusses products and pricing in F X, the F X options market, and volatility derivatives. Finally, the book concludes with a section on F X markets and policy, prediction and management of F X crises, F X regimes and policy; regulation in F X market that also features discussion of the effects of exchange rate regime choice on international trade. Each chapter follows the same easy-to-follow format. Following an introduction, a description of theory is presented along with key formulae. Next, the discussed theory is applied to a real data set and accompanied with illustrative descriptions. Exercises and real-world examples from the finance industry are spread throughout each chapter, and a summary provides a brief overview of main points and concepts.
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