An edition of Understanding the forward premium puzzle
(2007)
Understanding the forward premium puzzle
a microstructure approach
by Craig Burnside
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High-interest-rate currencies tend to appreciate relative to low-interest-rate currencies. We argue that adverse-selection problems between participants in foreign exchange markets can account for this 'forward premium puzzle.' The key feature of our model is that the adverse selection problem facing market makers is worse when, based on public information, a currency is expected to appreciate.
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Understanding the forward premium puzzle: a microstructure approach
2007, National Bureau of Economic Research
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in English
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Understanding the forward premium puzzle: a microstructure approach
2007, National Bureau of Economic Research
in English
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Book Details
Edition Notes
"July 2007"
Includes bibliographical references (p. 18).
Also available in PDF from the NBER world wide web site (www.nber.org).
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| January 31, 2010 | Edited by WorkBot | add more information to works |
| December 9, 2009 | Created by WorkBot | add works page |