The Art of Currency Manipulation : How to Profiteer by Deliberately Distorting Exchange Rates | |
Basu, Kaushik | |
World Bank, Washington, DC | |
关键词: AUCTIONS; CENTRAL BANK; CENTRAL BANKS; CLARITY; COLLATERAL; | |
DOI : 10.1596/1813-9450-6608 RP-ID : WPS6608 |
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学科分类:社会科学、人文和艺术(综合) | |
来源: World Bank Open Knowledge Repository | |
【 摘 要 】
A frequent charge in foreign exchangemarkets in developing countries is that of manipulatorsbeing at work. Since to buy is to raise prices and to sellis to lower prices, the question that naturally arises iswhether the widespread charge of market manipulation isvalid. The paper shows that (whether or not"widespreadness" has any merit) it is possible fora player to manipulate and profiteer. By using some simpleprinciples of game theory, the paper outlines a strategythat a manipulator may use. The aim of this paper is not toprovide a manual for the manipulator but to enable theregulator to understand the art and develop policies to curb manipulation.
【 预 览 】
Files | Size | Format | View |
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WPS6608.pdf | 293KB | download |