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Foreign Exchange Market Organization in Selected Developing and Transition Economies: Evidence from a Survey

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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;

    This paper has been announced in the following NEP Reports:

    References

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    1. Peter Dattels, 1995. "The Microstructure of Government Securities Markets," IMF Working Papers 95/117, International Monetary Fund.
    2. Madhavan, Ananth, 2000. "Market microstructure: A survey," Journal of Financial Markets, Elsevier, vol. 3(3), pages 205-258, August.
    3. repec:imf:imfwpa:98/37 is not listed on IDEAS
    4. Carlo Cottarelli & Leonardo Bartolini, 1994. "Treasury Bill Auctions - Issues and Uses," IMF Working Papers 94/135, International Monetary Fund.
    5. World Bank & International Monetory Fund, 2001. "Developing Government Bond Markets : A Handbook," World Bank Publications, The World Bank, number 13865, March.
    6. 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.
    7. Yin-Wong Cheung & Menzie D. Chinn, 2000. "Currency Traders and Exchange Rate Dynamics: A Survey of the U.S. Market," CESifo Working Paper Series 251, CESifo Group Munich.
    8. 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.
    9. Jorge Iván Canales Kriljenko, 2003. "Foreign Exchange Intervention in Developing and Transition Economies: Results of a Survey," IMF Working Papers 03/95, International Monetary Fund.
    10. Arto Kovanen, 1994. "Foreign Exchange Auctions and Fixing: A Review of Performance," IMF Working Papers 94/119, International Monetary Fund.
    11. 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.
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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. Jorge Iván Canales Kriljenko & Karl Friedrich Habermeier, 2004. "Structural Factors Affecting Exchange Rate Volatility: A Cross-Section Study," IMF Working Papers 04/147, International Monetary Fund.
    3. Sfia, Mohamed Daly, 2007. "Régimes de change: Le chemin vers la flexibilité," MPRA Paper 4085, University Library of Munich, Germany.

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