Three essays on exchange-rate misalignment

HG Finance;H Social Sciences (General)

Joy, Mark ; MacDonald, Ronald

University:University of Glasgow

Department:Adam Smith Business School

关键词: Exchange rates, misalignment, correlation, reaction functions, intervention, debt denomination, hedging;   

Others  :  http://theses.gla.ac.uk/2601/1/2010JoyPhd.pdf

来源: University of Glasgow

【 摘 要 】

Theories of exchange-rate determination have generated a vast theoretical and empirical literature. This thesis adds to that body of literature by asking three questions. (i) How do policymakers respond to exchange-rate misalignment? (ii) How does misalignment affect the decisions of financial-market participants? (iii) What do exchange-rate dynamics reveal about the choices of investors in theface of currency risk? These three questions are tackled with studies that offer broad and tractable conclusions and contribute to furthering the current field of research.