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Foreign Exchange Market Organization in Selected Developing and Transition Economies

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  • Jorge Iván Canales Kriljenko
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    Abstract

    The foreign exchange market microstructures in developing and transition economies are characterized by the results from the IMF''s 2001 Survey on Foreign Exchange Market Organization. The survey found that these markets are usually unified onshore spot markets for U.S. dollars, where transactions are concentrated at the bank-customer level. The trading mechanisms are usually dealer or mixed dealer/auction markets; the degree of transparency is often low; settlement systems remain risky; and the scope for price discovery is variable.

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    Bibliographic Info

    Paper provided by International Monetary Fund in its series IMF Working Papers with number 04/4.

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    Length: 45
    Date of creation: 01 Jan 2004
    Date of revision:
    Handle: RePEc:imf:imfwpa:04/4

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    Keywords: Developing countries; Transition economies; foreign exchange; foreign exchange market; exchange rate; exchange markets; foreign exchange markets; exchange rates; exchange rate regimes; exchange rate regime; foreign exchange auctions; exchange auctions; foreign exchange transactions; exchange transactions; interbank market; exchange rate regime classification; exchange rate risk; de facto exchange rate regime; floating exchange rate regimes; floating exchange rate; exchange rate volatility; settlement risk; currency exchange; foreign exchange operations; prudential regulation; flexible exchange rate regimes; flexible exchange rate; exchange rate flexibility; bank accounts; exchange operations; banking; exchange restrictions; multiple currency practices; bank customer; exchange rate pressures; limited exchange rate flexibility; bank of international settlements; currency substitution; currency boards; exchange rate fluctuations; currency transactions; capital mobility; banking system; currency depreciation; working capital; exchange arrangements; exchange rate arrangements; prevailing exchange rates; bank of international settlements (bis); bank of thailand; exchange rate dynamics; currency appreciation; determinant of exchange rate; exchange options; exchange market activity; excess demand; foreign exchange risk; bank runs; bank account; import bank; exchange risk; correspondent bank; exchange rate adjustment; bank management; bank vault; exchange rate adjustments; exchange rate determination; floating exchange rates; multiple exchange rate; exchange rate classification; prevailing exchange rate; exchange controls; segmentation; exchange rate risks; history of exchange rate;

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    References

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    Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
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    1. Madhavan, Ananth, 2000. "Market microstructure: A survey," Journal of Financial Markets, Elsevier, vol. 3(3), pages 205-258, August.
    2. Kumar Venkataraman, 2001. "Automated Versus Floor Trading: An Analysis of Execution Costs on the Paris and New York Exchanges," Journal of Finance, American Finance Association, vol. 56(4), pages 1445-1485, 08.
    3. Flood, Mark D., 1994. "Market structure and inefficiency in the foreign exchange market," Journal of International Money and Finance, Elsevier, vol. 13(2), pages 131-158, April.
    4. Cheung, Yin-Wong & Chinn, Menzie David, 2001. "Currency traders and exchange rate dynamics: a survey of the US market," Journal of International Money and Finance, Elsevier, vol. 20(4), pages 439-471, August.
    5. Arto Kovanen, 1994. "Foreign Exchange Auctions and Fixing," IMF Working Papers 94/119, International Monetary Fund.
    6. Carlo Cottarelli & Leonardo Bartolini, 1994. "Treasury Bill Auctions," IMF Working Papers 94/135, International Monetary Fund.
    7. Hau, Harald & Killeen, William & Moore, Michael J, 2000. "The Euro as an International Currency: Explaining Puzzling First Evidence," CEPR Discussion Papers 2510, C.E.P.R. Discussion Papers.
    8. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, October.
    9. Peter Dattels, 1995. "The Microstructure of Government Securities Markets," IMF Working Papers 95/117, International Monetary Fund.
    10. Jorge Iván Canales Kriljenko, 2003. "Foreign Exchange Intervention in Developing and Transition Economies," IMF Working Papers 03/95, International Monetary Fund.
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    Cited by:
    1. International Monetary Fund, 2011. "Policy Instruments to Lean Against the Wind in Latin America," IMF Working Papers 11/159, International Monetary Fund.
    2. Sfia, Mohamed Daly, 2007. "Régimes de change: Le chemin vers la flexibilité," MPRA Paper 4085, University Library of Munich, Germany.
    3. Jorge Iván Canales Kriljenko & Karl Friedrich Habermeier, 2004. "Structural Factors Affecting Exchange Rate Volatility," IMF Working Papers 04/147, International Monetary Fund.

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