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Risk Neutrality and the Two-Tier Foreign Exchange Market : Evidence from Belgium / Nancy Marion, Robert Flood.
Author
Marion, Nancy
[Browse]
Format
Book
Language
English
Published/​Created
Cambridge, Mass : National Bureau of Economic Research, 1989.
Description
1 online resource (23 pages).
Details
Subject(s)
Balance of payments
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Author
Flood, Robert
[Browse]
Series
Working paper series (National Bureau of Economic Research) ; number 3015.
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Summary note
Most of the literature on two-tier exchange markets is built around models in which domestic policy can exert a powerful influence on the spread between the current account exchange rate and the capital account exchange rate. We show that if optimizing agents are risk neutral, domestic policy has no significant influence on the spread. Our work with Belgian data suggests that a nsk neutral specification for Belgian residents acting in the two-tier market is hard to reject, and we also find evidence that domestic variables do not affect the Belgian spread.
Source of description
Description based on publisher supplied metadata and other sources.
Statement on responsible collection description
Princeton University Library aims to describe library materials in a manner that is respectful to the individuals and communities who create, use, and are represented in the collections we manage.
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