52 research outputs found
How do UK-based foreign exchange dealers think their market operates?
This paper summarises the results of a survey of UK based
foreign exchange dealers conducted in 1998. It addresses topics in three
main areas: The microeconomic operation of the foreign exchange
market; the beliefs of dealers regarding the importance, or otherwise, of
macroeconomic fundamental factors in affecting exchange rates;
microstructure factors in FX. We find that heterogeneity of traders’ beliefs
is evident from the results but that it is not possible to explain such
disagreements in terms of institutional detail, rank or trading technique
(e.g. technical analysts versus fundamentalists). As expected, nonfundamental
factors are thought to dominate short horizon changes in
exchange rates, but fundamentals are deemed important over much
shorter horizons that the mainstream empirical literature would suggest.
Finally, market ‘norms’ and behavioural phenomena are very strong in the
FX market and appear to be key determinants of the bid-ask spread
Economic Filters for Evaluating Porphyry Copper Deposit Resource Assessments Using Grade-Tonnage Deposit Models, with Examples from the U.S. Geological Survey Global Mineral Resource Assessment Scientific Investigations Report 2010-5090-H Global Mineral R
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The Determinants of the Global Digital Divide: A Cross-Country Analysis of Computer and Internet Penetration
To identify the determinants of cross-country disparities in personal computer and Internet penetration, we examine a panel of 161 countries over the 1999-2001 period. Our candidate variables include economic variables (income per capita, years of schooling, illiteracy, trade openness), demographic variables (youth and aged dependency ratios, urbanization rate), infrastructure indicators (telephone density, electricity consumption), telecommunications pricing measures, and regulatory quality. With the exception of trade openness and the telecom pricing measures, these variables enter in as statistically significant in most specifications for computer use. A similar pattern holds true for Internet use, except that telephone density and aged dependency matter less. The global digital divide is mainly – but by no means entirely – accounted for by income differentials. For computers, telephone density and regulatory quality are of second and third importance, while for the Internet, this ordering is reversed. The regionspecific explanations for large disparities in computer and Internet penetration are generally very similar. Our results suggest that public investment in human capital, telecommunications infrastructure, and the regulatory infrastructure can mitigate the gap in PC and Internet use
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How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?
This paper summarises the results of a survey of UK based foreign exchange dealers conducted in 1998. It addresses topics in three main areas: The microeconomic operation of the foreign exchange market; the beliefs of dealers regarding the importance, or otherwise, of macroeconomic fundamental factors in affecting exchange rates; microstructure factors in FX. We find that heterogeneity of traders' beliefs is evident from the results but that it is not possible to explain such disagreements in terms of institutional detail, rank or trading technique (e.g. technical analysts versus fundamentalists). As expected, non-fundamental factors are thought to dominate short horizon changes in exchange rates, but fundamentals are deemed important over much shorter horizons that the mainstream empirical literature would suggest. Finally, market ‘norms' and behavioural phenomena are very strong in the FX market and appear to be key determinants of the bid-ask spreadForeign Exchange; Microstructure; Survey Data; Technical Analysis
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