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  1. Die internationale Integration der Devisenmärkte in den mittel- und osteuropäischen Beitrittsländern
    spekulative Effizienz, Transaktionskosten und Wechselkursprämien
    Author: Herrmann, Sabine; Jochem, Axel
    Published: 2003
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between... more

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    Universitätsbibliothek Braunschweig
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    3491-9905
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    Niedersächsische Staats- und Universitätsbibliothek Göttingen
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    K 2003 B 2750
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    Leibniz-Institut für Wirtschaftsforschung Halle, Bibliothek
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    Mag5707
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    QM 331 H568 54853
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
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    W 935 (03.08)
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    02-4129/03,08
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    ifo Institut für Wirtschaftsforschung an der Universität München, Bibliothek
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    95/1194-03,08
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    Bibliotheks-und Informationssystem der Carl von Ossietzky Universität Oldenburg (BIS)
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    swl 105.4 SA 0666-2003,8
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    Universität Potsdam, Universitätsbibliothek
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    02038295
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    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between 1999 and mid-2002. Econometric studies confirm the existence of a time-variable exchange rate premium in all of the above countries. However, information and transaction costs also appear to be responsible for the observed deviations from speculative efficiency. The segmentation of the foreign exchange markets is likely to hamper the coordination of national monetary and foreign exchange policies within ERM II. In addition, this segmentation increases uncertainty in setting the central rate against the euro.

     
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    Content information
    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    ISBN: 3935821514
    RVK Categories: QB 910 ; QM 331
    Series: Diskussionspapier / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank ; 08/03
    Subjects: Devisenmarkt; Marktintegration; Zinsparität; Währungsspekulation; Wechselkurs; Transaktionskosten; Risikoprämie; Schätzung; Polen; Tschechien; Ungarn; Slowakei; EU-Staaten; Osteuropa
    Scope: 33 S, Tab., b
    Notes:

    Literaturverz. S. 24 - 28

    Zsfassungen in dt. und engl. Sprache
  2. The international integration of foreign exchange markets in the central and east European accession countries
    speculative efficiency, transactions costs and exchangte rate premiums
    Author: Herrmann, Sabine; Jochem, Axel
    Published: 2003
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between... more

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    Universitätsbibliothek Kiel, Zentralbibliothek
    Signature:
    WP 6-2003/8E
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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    W 935 (03.08e)
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    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between 1999 and mid-2002. Econometric studies confirm the existence of a time-variable exchange rate premium in all of the above countries. However, information and transaction costs also appear to be responsible for the observed deviations from speculative efficiency. The segmentation of the foreign exchange markets is likely to hamper the coordination of national monetary and foreign exchange policies within ERM II. In addition, this segmentation increases uncertainty in setting the central rate against the euro.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Print
    ISBN: 3935821573
    Series: Discussion paper / Economic Research Centre of the Deutsche Bundesbank ; 2003,8
    Subjects: Devisenmarkt; Marktintegration; Zinsparität; Währungsspekulation; Wechselkurs; Transaktionskosten; Risikoprämie; Schätzung; Polen; Tschechien; Ungarn; Slowakei; EU-Staaten; Osteuropa
    Scope: 31 S, graph. Darst
    Notes:

    Zsfassung in dt. Sprache

    Literaturverz. S. 22 - 26
  3. Die internationale Integration der Devisenmärkte in den mittel- und osteuropäischen Beitrittsländern
    spekulative Effizienz, Transaktionskosten und Wechselkursprämien
    Author: Herrmann, Sabine; Jochem, Axel
    Published: 2003
    Publisher:  Dt. Bundesbank, Frankfurt am Main

    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between... more

    Location:
    Universität Potsdam, Universitätsbibliothek
    Inter-library loan:
    Unlimited inter-library loan, copies and loan

     

    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between 1999 and mid-2002. Econometric studies confirm the existence of a time-variable exchange rate premium in all of the above countries. However, information and transaction costs also appear to be responsible for the observed deviations from speculative efficiency. The segmentation of the foreign exchange markets is likely to hamper the coordination of national monetary and foreign exchange policies within ERM II. In addition, this segmentation increases uncertainty in setting the central rate against the euro.

     
    Export to reference management software   RIS file
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    Content information
    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Print
    ISBN: 3935821514
    RVK Categories: QB 910 ; QM 331
    Series: Diskussionspapier / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank ; 08/03
    Subjects: Devisenmarkt; Marktintegration; Zinsparität; Währungsspekulation; Wechselkurs; Transaktionskosten; Risikoprämie; Schätzung; Polen; Tschechien; Ungarn; Slowakei; EU-Staaten; Osteuropa
    Scope: 33 S, Tab., b
    Notes:

    Literaturverz. S. 24 - 28

    Zsfassungen in dt. und engl. Sprache
  4. The international integration of foreign exchange markets in the central and east European accession countries
    speculative efficiency, transaction costs and exchange rate premiums
    Author: Herrmann, Sabine; Jochem, Axel
    Published: March 2003
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 12 (2003,8)
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Osnabrück
    Inter-library loan:
    No inter-library loan

     

    A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between 1999 and mid-2002. Econometric studies confirm the existence of a time-variable exchange rate premium in all of the above countries. However, information and transaction costs also appear to be responsible for the observed deviations from speculative efficiency. The segmentation of the foreign exchange markets is likely to hamper the coordination of national monetary and foreign exchange policies within ERM II. In addition, this segmentation increases uncertainty in setting the central rate against the euro. Im Rahmen eines Tests der spekulativen Effizienz auf den Devisenmärkten Polens, der Tschechischen Repubik, Ungarns und der Slowakei kann für den Beobachtungszeitraum von 1999 bis Mitte 2002 keine Kointegrationsbeziehung zwischen Termin- und Kassakursen gegenüber dem Euro nachgewiesen werden. Ökonometrische Untersuchungen bestätigen die Existenz einer zeitvariablen Wechselkursprämie in allen genannten Ländern. Darüber hinaus scheinen aber auch Informations- und Transaktionskosten verantwortlich zu sein für die beobachteten Abweichungen von der spekulativen Effizienz. Die Segmentierung der Devisenmärkte dürfte die Koordinierung der nationalen Geld- und Währungspolitiken innerhalb des WKM II erschweren. Zusätzlich erhöht sie die Unsicherheit bei der Festlegung des Leitkurses gegenüber dem Euro.

     
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    Content information
    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/19596
    RVK Categories: QB 910 ; QM 331
    Series: Discussion paper / Economic Research Centre of the Deutsche Bundesbank ; 03/08
    Subjects: Devisenmarkt; Marktintegration; Zinsparität; Währungsspekulation; Wechselkurs; Transaktionskosten; Risikoprämie; Schätzung; Polen; Tschechien; Ungarn; Slowakei; EU-Staaten; Osteuropa
    Scope: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  5. Die internationale Integration der Devisenmärkte in den mittel- und osteuropäischen Beitrittsländern
    spekulative Effizienz, Transaktionskosten und Wechselkursprämien
    Author: Herrmann, Sabine; Jochem, Axel
    Published: März 2003
    Publisher:  Deutsche Bundesbank, Frankfurt am Main

    Im Rahmen eines Tests der spekulativen Effizienz auf den Devisenmärkten Polens, der Tschechischen Repubik, Ungarns und der Slowakei kann für den Beobachtungszeitraum von 1999 bis Mitte 2002 keine Kointegrationsbeziehung zwischen Termin- und... more

    Location:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    DS 12 (2003,8)
    Inter-library loan:
    No inter-library loan

    Location:
    Universitätsbibliothek Osnabrück
    Inter-library loan:
    No inter-library loan

     

    Im Rahmen eines Tests der spekulativen Effizienz auf den Devisenmärkten Polens, der Tschechischen Repubik, Ungarns und der Slowakei kann für den Beobachtungszeitraum von 1999 bis Mitte 2002 keine Kointegrationsbeziehung zwischen Termin- und Kassakursen gegenüber dem Euro nachgewiesen werden. Ökonometrische Untersuchungen bestätigen die Existenz einer zeitvariablen Wechselkursprämie in allen genannten Ländern. Darüber hinaus scheinen aber auch Informations- und Transaktionskosten verantwortlich zu sein für die beobachteten Abweichungen von der spekulativen Effizienz. Die Segmentierung der Devisenmärkte dürfte die Koordinierung der nationalen Geld- und Währungspolitiken innerhalb des WKM II erschweren. Zusätzlich erhöht sie die Unsicherheit bei der Festlegung des Leitkurses gegenüber dem Euro. A test of speculative efficiency on the foreign exchange markets of Poland, the Czech Republic, Hungary and the Slovak republic was unable to identify a cointegration relationship between forward and spot rates against the euro for the period between 1999 and mid-2002. Econometric studies confirm the existence of a time-variable exchange rate premium in all of the above countries. However, information and transaction costs also appear to be responsible for the observed deviations from speculative efficiency. The segmentation of the foreign exchange markets is likely to hamper the coordination of national monetary and foreign exchange policies within ERM II. In addition, this segmentation increases uncertainty in setting the central rate against the euro.

     
    Export to reference management software   RIS file
      BibTeX file
    Content information
    Source: Union catalogues
    Language: German
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/19595
    RVK Categories: QB 910 ; QM 331
    Series: Diskussionspapier / Volkswirtschaftliches Forschungszentrum der Deutschen Bundesbank ; 03/08
    Subjects: Devisenmarkt; Marktintegration; Zinsparität; Währungsspekulation; Wechselkurs; Transaktionskosten; Risikoprämie; Schätzung; Polen; Tschechien; Ungarn; Slowakei; EU-Staaten; Osteuropa
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen