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Volatile exchange rates and speculation: can the dollar movements of the 1980s be explained?

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  • Urvas, Antti

Abstract

The paper analyzes why exchange rates can deviate substantially from levels predicted by economic fundamentals. Chapter 2 reviews traditional exhange rate models and shows how they fail. Since speculation seems to·play a role in exchange rate determination, speculation and expectations formation are discussed in chapter 3. Chapters 4 and 5 review results from latest studies in exchange rate determination and short-term behaviour of the foreign exchange market. News' role and for~ ign exhange market's efficiency are discussed in chapter 6. Chapter 7 describes the speculative nature of the foreign exhange market, market's development in 1980s and central banks' role in the market.

Suggested Citation

  • Urvas, Antti, 1991. "Volatile exchange rates and speculation: can the dollar movements of the 1980s be explained?," Bank of Finland Research Discussion Papers 2/1991, Bank of Finland.
    • Handle: RePEc:zbw:bofrdp:rdp1991_002
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