Pension Fund Managers And The Structure Of The Foreign Exchange Market
The effects of the Pension Fund Managers (PFM) behavior on the Foreign Exchange (FX) market may be important, given the size of their portfolio and their possible market power. Some authors argue that when big investors like PFM trade large vol-umes in the FX market, they may infl uence other agents´ decisions, increasing the impact on the exchange rate. However, when PFM have market power, they will take into account their infl uence on the exchange rate and will moderate their trad-ing volume. This paper seeks to demonstrate the existence of this mitigating effect" under different theoretical FX market structures."
Volume (Year): 25 (2007)
Issue (Month): 54 (June)
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- Frankel, Jeffrey A & Froot, Kenneth A, 1987.
"Using Survey Data to Test Standard Propositions Regarding Exchange Rate Expectations,"
American Economic Review,
American Economic Association, vol. 77(1), pages 133-153, March.
- Frankel, Jeff & Froot, Ken, 1986. "Using Survey Data to Test Standard Propositions Regarding Exchange Rate Expectations," Department of Economics, Working Paper Series qt1972q8wm, Department of Economics, Institute for Business and Economic Research, UC Berkeley.
- Taylor, Mark P. & Allen, Helen, 1992. "The use of technical analysis in the foreign exchange market," Journal of International Money and Finance, Elsevier, vol. 11(3), pages 304-314, June.
- Cheung, Yin-Wong & Wong, Clement Yuk-Pang, 2000. "A survey of market practitioners' views on exchange rate dynamics," Journal of International Economics, Elsevier, vol. 51(2), pages 401-419, August. Full references (including those not matched with items on IDEAS)
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