Dagfinn Rime
Professor of Finance

## Publications and working papers

### Journal publications

1. "Does Publication of Interest Rate Paths Provide Guidance?",
with Gisle James Nativk and Olav Syrstad. Forthcoming in Journal of International Money and Finance, Abstract Abstract: Does the central bank practice of publishing interest rate projections (IRPs) improve how market participants map new information into future interest rates? Using high-frequency data on forward rate agreements (FRAs) we compute \textit{market forecast errors}; differences between expected future interest rates and ex post realizations. We assess their change in narrow windows around monetary policy announcements and macroeconomic releases in Norway and Sweden. Overall, communication of future policy plans do not improve markets' response to information, irrespective of whether or not IRPs are in place. A decomposition of market reactions into responses to the current monetary policy action (target'') and responses to signals about the future (path''), reveals that only policy actions lead to improvements in market forecasts.
Keywords: monetary policy, interest rate paths, forward guidance, high-frequency data, forecasts
JEL Classification: D72, O13, Q33
2. "Order Flow Information and Spot Rate Dynamics",
with Martin D.D. Evans. Journal of International Money and Finance, vol. 38 (December 2016), pp. 95--119.      Abstract Abstract: This paper examines why order flows are empirically important drivers of spot exchange rate dynamics. We consider a decomposition for the depreciation rate that must hold in any model and show that order flows will appear as important proximate drivers when they convey significant incremental information about future interest rate differentials, risk premiums and/or long-run exchange rate levels (i.e., information that cannot be inferred from publicly observed variables). We estimate the importance of these incremental information flows for the EURNOK spot exchange rate using eight years of high-quality, disaggregated, end-user order flow data collected by the Norges Bank.
Keywords: Exchange rate dynamics; Microstructure; Order flow
JEL Classification: F3; F4; G1
3. "Carry Trades, Order Flow and the Forward Bias Puzzle"
with Francis Breedon and Paolo Vitale. Journal of Money, Credit and Banking. vol. 48 (September 2016), pp. 1113–1134.    Abstract Abstract: We investigate the relation between foreign exchange (FX) order flow and the forward bias. We outline a decomposition of the forward bias according to which a negative correlation between interest rate differentials and order flow creates a time-varying risk premium consistent with that bias. Using ten years of data on FX order flow we find that more than half of the forward bias is accounted for by order flow --- with the rest being explained by expectational errors. We also find that carry trading increases currency-crash risk in that order flow generates negative skewness in FX returns.
JEL Nos.: F31, G14 and G15. Keywords: Forward Premium Puzzle, FX Microstructure, Carry Trade, Survey Data.
4. "The Scapegoat Theory of Exchange Rates: The First Tests",
with Marcel Fratzscher, Lucio Sarno and Gabriele Zinna. Journal of Monetary Economics, vol. 70 (March 2015), pp. 1-21.    Abstract Abstract: The scapegoat theory of exchange rates (Bacchetta and van Wincoop, 2004 and Bacchetta and van Wincoop, 2013) suggests that market participants may attach excessive weight to individual economic fundamentals, which are picked as "scapegoats" to rationalize observed currency fluctuations at times when exchange rates are driven by unobservable shocks. Using novel survey data that directly measure foreign exchange scapegoats for 12 exchange rates, we find empirical evidence that supports the scapegoat theory. The resulting models explain a large fraction of the variation and directional changes in exchange rates in sample, although their out-of-sample forecasting performance is mixed.
JEL: F31; G10. Keywords: Scapegoat; Exchange rates; Economic fundamentals; Survey data.
5. "The Offshore Renminbi Exchange Rate: Microstructure and Links to the Onshore Market",
with Yin-Wong Cheung. Journal of International Money and Finance, vol. 49 (December 2014), 170--189.    Abstract Abstract: The offshore renminbi (CNH) exchange rate is the exchange rate of the Chinese currency transacted outside China. We study the CNH exchange rate dynamics and its links with onshore exchange rates (CNY). Using a specialized microstructure dataset, we find that CNH is significantly affected by its order flow and limit-order imbalance. The offshore CNH exchange rate has an increasing impact on the onshore rate CNY, and significant predictive power for the official RMB central parity rate. The CNH order flow also affects the onshore RMB exchange rate and the central parity rate. The interactions between variables are likely to be time-varying.
JEL: F31; F33; G14; G15; G21; G28. Keywords: Foreign exchange market microstructure; Order flow; Limit-order imbalance; CNH; CNY; Central parity rate.
6. "Large' vs. Small' Players: A Closer Look at the Dynamics of Speculative Attacks",
with Geir Bjønnes, Steinar Holden and Haakon Solheim. Scandinavian Journal of Economics, vol. 116, issue 2 (April 2014), pp. 506-538.      Abstract Abstract: What is the role of "large players" (e.g., hedge funds) in speculative attacks? Recent work suggests that large players move early to induce smaller agents to attack. However, many observers argue that large players move late in order to benefit from interest-rate differentials. We propose a model in which large players can do both. Using data on currency trading by foreign (large) and local (small) players, we find that foreign players moved last in three attacks on the Norwegian krone during the 1990s. During the attack on the Swedish krona after the Russian moratorium in 1998, foreign players moved early. Gains by delaying attack were small, however, because interest rates did not increase.
JEL: F31;F41;G15. Keywords: Currency crises; foreign exchange trading; large players; microstructure.
7. "The anatomy of the global FX market through the lens of the 2013 Triennial Survey"
with Andreas Schrimpf. BIS Quarterly Review, (December 2013), pp. 27--43. Link to BIS | VOX-entry Abstract Abstract: Trading in the FX market reached an all-time high of $5.3 trillion per day in April 2013, a 35% increase relative to 2010. Non-dealer financial institutions, including smaller banks, institutional investors and hedge funds, have grown into the largest and most active counterparty segment. The once clear-cut divide between inter-dealer and customer trading is gone. Technological change has increased the connectivity of participants, bringing down search costs. A new form of "hot potato" trading has emerged where dealers no longer play an exclusive role. JEL: F31, G12, G15, C42, C82. 8. "The market microstructure approach to foreign exchange: Looking back and looking forward" with Michael R. King and Carol L. Osler. Journal of International Money and Finance, vol. 38 (November 2013), pp. 95--119. Abstract Abstract: Research on foreign exchange market microstructure stresses the importance of order flow, heterogeneity among agents, and private information as crucial determinants of short-run exchange rate dynamics. Microstructure researchers have produced empirically-driven models that fit the data surprisingly well. But FX markets are evolving rapidly in response to new electronic trading technologies. Transparency has risen, trading costs have tumbled, and transaction speed has accelerated as new players have entered the market and existing players have modified their behavior. These changes will have profound effects on exchange rate dynamics. Looking forward, we highlight fundamental yet unanswered questions on the nature of private information, the impact on market liquidity, and the changing process of price discovery. We also outline potential microstructure explanations for long-standing exchange rate puzzles. JEL: F31; G12; G15; C42; C82. Keywords: Exchange rates; Market microstructure; Order flow; Information; Liquidity; Electronic trading. 9. "Flows of the Pacific: Asian foreign exchange markets through tranquility and turbulence" with Hans Jørgen Tranvåg. Pacificic Economic Review, vol 17, issue 3 (August 2012), pp. 434-466. Abstract Abstract: Using the longest data set on foreign exchange (FX) order flow to date, along with the broadest coverage of currencies to date, we examine the effect of FX order flow on exchange rates across small and large currencies, currencies with floating or fixed regimes, and across both tranquil and turbulent periods. Over our 15 years of data for 11 Asian and Australasian currencies, we find that order flow has a potentially strong impact on all exchange rates in the sample. The effect is strongest on floating exchange rates, both economically and statistically, but is sizeable also on the other exchange rates, especially during periods of turbulence. By creating a measure of regional order flow, we show that all exchange rates depreciate as flows are moved out of Asia/Australasia and into US dollars. This is true both across regimes and if their own flow is not included in the structure of the regional flow. 10. "The$4 trillion question: what explains FX growth since the 2007 survey?",
with Michael King. BIS Quaterly Review (December 2010). Link to BIS | VOX-entry | Econbrowser blog-comment Abstract Abstract: Daily average foreign exchange market turnover reached $4 trillion in April 2010, 20% higher than in 2007. Growth owed largely to the increased trading activity of "other financial institutions", which contributed 85% of the higher turnover. Within this customer category, the growth is driven by high-frequency traders, banks trading as clients of the biggest dealers, and online trading by retail investors. Electronic trading has been instrumental to this increase, particularly algorithmic trading. JEL: F31, G12, G15, C42, C82. 11. "Exchange Rate Forecasting, Order Flow and Macroeconomic Information", with Lucio Sarno and Elvira Sojli. Journal of International Economics, vol. 80, issue 1 (January 2010), pp. 72-88. Abstract Abstract: This paper adds to the research efforts that aim to bridge the divide between macro and micro approaches to exchange rate economics by examining the linkages between exchange rate movements, order flow and expectations of macroeconomic variables. The basic hypothesis tested is that if order flow reflects heterogeneous expectations about macroeconomic fundamentals, and currency markets learn about the state of the economy gradually, then order flow can have both explanatory and forecasting power for exchange rates. Using one year of high frequency data collected via a live feed from Reuters for three major exchange rates, we find that: i) order flow is intimately related to a broad set of current and expected macroeconomic fundamentals; ii) more importantly, order flow is a powerful predictor of daily movements in exchange rates in an out-of-sample exercise, on the basis of economic value criteria such as Sharpe ratios and performance fees implied by utility calculations. JEL: F31; F41; G10. Keywords: Exchange rates; Microstructure; Order flow; Forecasting; Macroeconomic news. 12. "Does the law of one price hold in international financial markets? Evidence from tick data", with Farooq Akram and Lucio Sarno. Journal of Banking and Finance, vol. 33, issue 10 (June 2009), pp. 1741-1754. Abstract Abstract: This paper investigates the validity of the law of one price (LOP) in international financial markets by examining the frequency, size and duration of inter-market price differentials for borrowing and lending services (‘one-way arbitrage’). Using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency, we find that the LOP holds on average, but numerous economically significant violations of the LOP arise. The duration of these violations is high enough to make it worthwhile searching for one-way arbitrage opportunities in order to minimize borrowing costs and/or maximize earnings on given funds. We also document that such opportunities decline with the pace of the market and increase with market volatility. JEL: F31; F41; G14; G15. Keywords: Law of one price; One-way arbitrage; Foreign exchange microstructure. 13. "Arbitrage in the Foreign Exchange Market: Turning on the Microscope", with Farooq Akram and Lucio Sarno, Journal of International Economics, vol. 76, (November 2008), pp. 237-253. VOX-entry Abstract Abstract: This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage opportunities in the foreign exchange market. We investigate deviations from the covered interest rate parity (CIP) condition using a unique data set for three major capital and foreign exchange markets that covers a period of more than seven months at tick frequency. The analysis unveils that: i) short-lived violations of CIP arise; ii) the size of CIP violations can be economically significant; iii) their duration is, on average, high enough to allow agents to exploit them, but low enough to explain why such opportunities have gone undetected in much previous research using data at lower frequency. JEL: F31; F41; G14; G15. Keywords: Exchange rates; Arbitrage; Covered interest rate parity; Foreign exchange microstructure. 14. "Exchange Rate Volatility and the Mixture of Distribution Hypothesis", with Luc Bauwens and Genaro Sucarrat. Empirical Economics, vol. 30, issue 4, (January 2006), pp. 889-911. Abstract Abstract: This study sheds new light on the mixture of distribution hypothesis by means of a study of the weekly exchange rate volatility of the Norwegian krone. In line with other studies we find that the impact of information arrival on exchange rate volatility is positive and statistically significant, and that the hypothesis that an increase in the number of traders reduces exchange rate volatility is not supported. The novelties of our study consist in documenting that the positive impact of information arrival on volatility is relatively stable across three different exchange rate regimes, and in that the impact is relatively similar for both weekly volatility and weekly realised volatility. It is not given that the former should be the case since exchange rate stabilisation was actively pursued by the central bank in parts of the study period. We also report a case in which undesirable residual properties attained within traditional frameworks are easily removed by applying the log-transformation on volatilities. 15. "Liquidity provision in the overnight foreign exchange market", with Geir H. Bjønnes and Haakon O.Aa. Solheim. Journal of International Money and Finance, vol. 24, issue 2 (March 2005), pp. 177-198. Abstract Abstract: We present evidence that non-financial customers are the main liquidity providers in the overnight foreign exchange market using a unique daily data set covering almost all transactions in the SEK/EUR market over almost 10 years. Two main findings support this: (i) the net position of non-financial customers is negatively correlated with the exchange rate, opposed to the positive correlation found for financial customers and (ii) changes in net position of non-financial customers are forecasted by changes in net position of financial customers, indicating that non-financial customers take a passive role consistent with liquidity provision. JEL: F31; F41; G15. Keywords: Microstructure; International finance; Liquidity. 16. "Dealer Behavior and Trading Systems in the Foreign Exchange Market", with Geir H. Bjønnes. Journal of Financial Economics, vol. 75, issue 3 (March 2005), pp. 571-605. Abstract Abstract: We study dealer behavior in the foreign exchange spot market using detailed observations on all the transactions of four interbank dealers. There is strong support for an information effect in incoming trades. The direction of trade is most important, but we also find that the information effect increases with trade size in direct bilateral trades. All four dealers control their inventory intensively. Inventory control is not, however, manifested through a dealer's own prices in contrast to findings by Lyons (J. Financial Econ. 39(1995) 321). Furthermore, we document differences in trading styles, especially how they actually control their inventories. JEL: G15; F31; F33. Keywords: Foreign exchange; Trading; Microstructure. 17. "Analysis of spreads in the Dollar/Euro and Deutsche Mark/Dollar foreign exchange markets", with Charles Goodhart, Ryan Love and Richard Payne. Economic Policy, vol. 17, issue 35 (October 2002), pp. 536-552. Abstract Abstract: We compute bid-ask spreads for the dollar/euro exchange rate market and find them to be substantially larger than their deutschemark counterparts before introduction of the euro. We show that larger percentage spreads are not explained by volatility, trade intensity, and other standard explanatory variables in our data sets. But we also show that spreads have not increased in terms of the unit (‘pip’) used in exchange rate quotations to the fourth decimal point. Since the euro is worth about two marks, and was initially worth more than a dollar, this finding suggests that larger percentage spreads reflect the more pronounced ‘granularity’ of quoting conventions in euro-dollar rather than dollar-mark trading. We discuss whether mandating quotations to the fifth decimal point might be advisable, and conclude that such a policy might, but need not, increase the foreign exchange market's liquidity. ### Book chapters / PhD Dissertation 1. "Microstructure of Foreign Exchange Markets" with Martin D.D. Evans. Oxford Research Encyclopedia of Economics and Finance. Oxford University Press 2. "Foreign exchange market structure, players and evolution" with Michael R. King and Carol L. Osler. In James, Marsh and Sarno (eds.), Handbook of Exchange Rates, Wiley, 2012. Abstract Abstract: Exchange rates affect output and employment, inflation through the cost of imports and commodity prices and international capital flows through the risks and returns of different assets. This chapter describes the foreign exchange (FX) market and presents new evidence on recent trends, thereby setting the stage for the rest of the handbook. It presents stylized facts on the market’s size and composition. The chapter looks at the motives, incentives, and constraints of the major players and describes the momentous changes in trading practices and market structure that have taken place over the recent decades. It describes market transformation caused by the electronic trading revolution. To better understand FX activity on multibank trading systems and electronic brokers, the results of a survey of 15 institutional and retail platforms is presented. The chapter also examines the state of play in the global FX market, which reflects both stability and rapid technological change. 3. "Micro Approaches to Foreign Exchange Determination", with Martin D.D. Evans. In James, Marsh and Sarno (eds.), Handbook of Exchange Rates, Wiley, 2012. Abstract Abstract: Micro-based exchange-rate research examines the determination and behavior of spot exchange rates in an environment that replicates the key features of trading in the foreign exchange (FX) market. This chapter provides an overview of micro-based research on exchange-rate determination. Recent micro-based research focuses on the link between currency trading and macroeconomic conditions in the general equilibrium setting of modern macro economic models. The chapter overviews the key differences between the traditional macro view of exchange-rate determination and the micro-based approach. Laying out the key features of the FX market and describing how they are incorporated into a canonical partial equilibrium model of currency trading, the chapter discusses the empirical implications of the model and the relevant micro-based empirical literature. Finally, research that links spot-rate dynamics to macro economic conditions via currency trading is examined before some thoughts on the directions of future micro-based exchange-rate research are presented. 4. "Volume and Volatility in the FX Market: Does it matter who you are?", with Geir H. Bjønnes and Haakon O.Aa. Solheim. In De Grauwe (ed.), Exchange Rate Economics: Where do we Stand?, MIT Press, 2005. 5. "The Role of Foreign Speculators in Speculative Attacks: The Case of 1998." with Geir H. Bjønnes and Haakon O.Aa. Solheim. In Lardic and Mignon (eds.), Recent Developments on Exchange Rates, Palgrave, 2004. 6. "New Electronic Trading Systems in the Foreign Exchange Market" In New Economy Handbook (Derek C. Jones, ed.), Academic Press, 2003. 7. Trading in Foreign Exchange Markets: Four Essays on the Market Microstructure of Foreign Exchange Markets, Series of Ph.D. Dissertations, no. 2, Norwegian School of Management BI, 2001. ### Other publications 1. "The impact of different players on the volume-volatility relation in the foreign exchange markets", with Geir H. Bjønnes and Haakon O.Aa. Solheim. BETA Scandinavian Journal of Business Research, vol. 33 (2019), pp. 43--60. Abstract Abstract: We examine the volume-volatility relation in the foreign exchange (FX) market using a unique data set from the Swedish krona (SEK) market that contains observations of 90–95 percent of all transactions from 1995 until 2002. We show that the strength of the volume-volatility relation depends on the group of market participants trading. Financial trading volume has the highest correlation with volatility. Interbank trading between the largest Market-making banks is also positively correlated with volatility, while trading among Other market-making banks show no correlation with volatility. Trading by Non-Financial customers is not correlated with volatility at all when controlling for trading by other market participants. Interestingly, we show that (unexpected) spot volume and changes in net positions (spot and forward) by Financial customers Granger cause spot volume and changes in net positions by Non-Financial customers. Our results clearly show that market participants in the FX market are heterogeneous, suggesting that differences in trading strategies and information may explain the volume-volatility relation. Keywords: volume-volatility relation; microstructure; exchange rates; liquidity. 2. "The evolving structure of the global FX market - Insights from the 2013 triennial survey" with Andreas Schrimpf. VOX. December 2013. LINK 3. "Algorithmic Trading and FX Market Liquidity" with Michael King. CFA Magazine, May-June 2011, p. 15-17. 4. "The$4 trillion question: What explains FX growth since the 2007 survey"
with Michael R. King. VOX. December 2010. LINK
5. "Resolving the 'arbitrage paradox' in foreign exchange markets"
with Farooq Akram and Lucio Sarno. VOX. October 2008. LINK
6. "Order flow analysis of exchange rates"
with Elvira Sojli. NB Economic Bulletin, no. 3 (2006)
Norwegian version (Penger og Kreditt, no. 2, 2006)
7. "The Tobin tax: Perspectives from microstructure finance" (in Norwegian)
(with Dag Henning Jacobsen), in Økonomisk Forum, no. 5 (2005)
8. "Electronic FX Trading -- influencing dealer behaviour?"
with Geir H. Bjønnes. e-FOREX, (July 2004).
9. "What can financial economics teach us about exchange rates?"
In Explaining movements in the Norwegian exchange rate (Øyvind Eitrheim and Kristin Gulbrandsen, eds.), Occasional Papers, no. 32, Norges Bank, 2004.
Norwegian version (Occasional Papers, no. 31, 2003)
10. "Sand in the machinery or in the eyes of the Tobin-tax proponents?" (in Norwegian)
with Dag Henning Jacobsen. In Vill valuta. en debattbok om tobinskatten, (Nina Drange and Linn Stalsberg, eds.), ATTAC Norway, 2002.

### Working Papers

1. "Fixing the Fix? Assessing the Eﬀectiveness of the 4pm Fix Benchmark",
with Martin D.D. Evans, Peter O'Neill, and Jo A. Saakvitne. FCA OP 46
2. "Covered Interest Parity Arbitrage",
with Andreas Schrimpf and Olav Syrstad.
3. "Exchange Rates, Interest Rates and the Global Carry Trade",
with Martin D.D. Evans.
4. "Herding the Scapegoats: Foreign Exchange Order Flow and the Time-Varying Effect of Fundamentals",
with Anna Lindahl, Michael Moore, and Ali Shehadeh.
5. "Asymmetric Information in the Foreign Exchange Interdealer Market"
with Geir H. Bjønnes and Carol Osler. Norges Bank Working Paper 2008/25.
6. "U.S. Exchange Rates and Currency Flows",
Working Paper 4, Stockholm Institute for Financial Research, 2001.
7. "Private or Public Information in the Foreign Exchange Markets? An Empirical Analysis",
Memorandum 14/2000, Department of Economics, University of Oslo.
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### FX Microstructure resources

#### FX Microstructure overview papers

• "Microstructure of Foreign Exchange Markets"
with Martin D.D. Evans. Forthcoming in Oxford Research Encyclopedia of Economics and Finance. Oxford University Press   Abstract Abstract: This article presents an overview of research on the Microstructure of Foreign Exchange Markets. We begin by summarizing the institutional features of FX trading and describe how they have evolved since the 1980s. We then explain how these features are represented in microstructure models of FX trading. Next, we describe the links between microstructure and traditional macro exchange-rate models and summarize how these links have been explored in recent empirical research. Finally, we provide a microstructure perspective on two recent areas of interest in exchange-rate economics: the behavior of returns on currency portfolios, and questions of competition and regulation. Keywords: Exchange-Rate Dynamics, Microstructure, Order Flows, Liquidity, Electronic trading. JEL Codes: F3; F4; G1.
• "The market microstructure approach to foreign exchange: Looking back and looking forward"
with Michael R. King and Carol L. Osler. Journal of International Money and Finance, vol. 38 (November 2013), pp. 95--119.      Abstract Abstract: Research on foreign exchange market microstructure stresses the importance of order flow, heterogeneity among agents, and private information as crucial determinants of short-run exchange rate dynamics. Microstructure researchers have produced empirically-driven models that fit the data surprisingly well. But FX markets are evolving rapidly in response to new electronic trading technologies. Transparency has risen, trading costs have tumbled, and transaction speed has accelerated as new players have entered the market and existing players have modified their behavior. These changes will have profound effects on exchange rate dynamics. Looking forward, we highlight fundamental yet unanswered questions on the nature of private information, the impact on market liquidity, and the changing process of price discovery. We also outline potential microstructure explanations for long-standing exchange rate puzzles.
JEL: F31; G12; G15; C42; C82. Keywords: Exchange rates; Market microstructure; Order flow; Information; Liquidity; Electronic trading.
• "Foreign exchange market structure, players and evolution"
with Michael R. King and Carol L. Osler. In James, Marsh and Sarno (eds.), Handbook of Exchange Rates, Wiley, 2012.      Abstract Abstract: Exchange rates affect output and employment, inflation through the cost of imports and commodity prices and international capital flows through the risks and returns of different assets. This chapter describes the foreign exchange (FX) market and presents new evidence on recent trends, thereby setting the stage for the rest of the handbook. It presents stylized facts on the market’s size and composition. The chapter looks at the motives, incentives, and constraints of the major players and describes the momentous changes in trading practices and market structure that have taken place over the recent decades. It describes market transformation caused by the electronic trading revolution. To better understand FX activity on multibank trading systems and electronic brokers, the results of a survey of 15 institutional and retail platforms is presented. The chapter also examines the state of play in the global FX market, which reflects both stability and rapid technological change.
• "Micro Approaches to Foreign Exchange Determination",
with Martin D.D. Evans. In James, Marsh and Sarno (eds.), Handbook of Exchange Rates, Wiley, 2012.      Abstract Abstract: Micro-based exchange-rate research examines the determination and behavior of spot exchange rates in an environment that replicates the key features of trading in the foreign exchange (FX) market. This chapter provides an overview of micro-based research on exchange-rate determination. Recent micro-based research focuses on the link between currency trading and macroeconomic conditions in the general equilibrium setting of modern macro economic models. The chapter overviews the key differences between the traditional macro view of exchange-rate determination and the micro-based approach. Laying out the key features of the FX market and describing how they are incorporated into a canonical partial equilibrium model of currency trading, the chapter discusses the empirical implications of the model and the relevant micro-based empirical literature. Finally, research that links spot-rate dynamics to macro economic conditions via currency trading is examined before some thoughts on the directions of future micro-based exchange-rate research are presented.
• "New Electronic Trading Systems in the Foreign Exchange Market"
In New Economy Handbook (Derek C. Jones, ed.), Academic Press, 2003.