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Forex Academic Research on Foreign Exchange What prompts Japan to intervene in theForex market? A new approach to a reaction function, Ito, T., & Yabu, T. (2007). Journal of International Money and Finance,26(2), 193-212. This paper estimates and analyzes the reaction function of Japanese intervention in the foreign exchange (Forex) markets, using daily Japanese intervention data from April 1, 1991 to December 31, 2002. A theoretical friction model is adopted to describe the intervention as cost-minimizing behavior. Less of a puzzle: a new look at the forwardforex market, Moore, M. J., & Roche, M. J. (2002).Journal of International Economics,58(2), 387-411. In this paper, the two-country monetary model is extended to include a consumption externality with habit persistence. The model is simulated using the artificial economy methodology. The puzzles in the forward market are re-examined. The paper presents situations which this model can and cannot account for. Uncertainty about fundamentals and herding behavior in theFOREX market, Kaltwasser, P. R. (2010). Statistical Mechanics and its Applications,389(6), 1215-1222. This paper examines the traditional assumption in finance models that the fundamental value of assets is known with certainty. The paper presents a simple heterogeneous agent model of the exchange rate in which traders do not observe the true underlying fundamental exchange rate and as a consequence they base their trades on beliefs about this variable to evaluate the certainty of this assumption. What drives forward premia in Indianforex market?, Sharma, A. K., & Mitra, A. (2006). Reserve Bank of India Occasional Papers,27(1-2), 119-139. This paper explores the behavior of the Forward Premia for US$ vis--vis INR during the five-year period of September 2000 to September 2005. Indian Forex market experienced a peculiar phenomenon in the years 2003 and 2004 where the forward premia on US$ spot (cash) vis--vis Indian rupee became negative. The paper tested hypothesis of uncovered interest rate parity in the context of Indian Market. The paper also tries to find out the factors that drive the forward premia in the Indian forex market during this period. Can Subsidiaries of Foreign Banks Contribute to the Stability of theForex Marketin Emerging Economies? A Look at Some Evidence from the Mexican..., Reynoso, A. (2002). National Bureau of Economic Research. Multivariate cointegration testing of the efficiency of Australia's spotforex market, Layton, A. P., & Tan, A. (1992). Accounting & Finance,32(1), 63-70. In this paper efficiency in Australia's spot FOREX market is tested using daily, weekly and fourweekly data subsequent to the floating of the dollar in 1983. Multivariate cointegration tests carried out in the paper, based on canonical transformation of the exchange rate data, suggest the existence of long run equilibrium relationships among the spot rates, implying the existence of market inefficiency in the FOREX market. Currencytraders and exchange rate dynamics: a survey of the USmarket, Cheung, Y. W., & Chinn, M. D. (2001). Journal of international money and finance,20(4), 439-471. This study report findings from a survey of United States foreign exchange traders. These results indicate that in recent years electronically-brokered transactions have risen substantially, mostly at the expense of traditional brokers, and that market norm is an important determinant of interbank bid-ask spread and the most widely-cited reason for deviating from the conventional bidask spread is a thin/hectic market. More conclusions are discussed in the text. Predicting volatility in theforeign exchange market, Jorion, P. (1995). The Journal of Finance,50(2), 507-528. This article examines the information content and predictive power of implied standard deviations (ISDs) derived from Chicago Mercantile Exchange options on foreign currency futures. The article finds that statistical timeseries models, even when given the advantage of ex post parameter estimates, are outperformed by ISDs. ISDs, however, also appear to be biased volatility forecasts. Using simulations to investigate the robustness of these results, the article finds that measurement errors and statistical problems can substantially distort inferences. Official intervention in theforeign exchange market: is it effective and, if so, how does it work?, Sarno, L., & Taylor, M. P. (2001).journal of Economic Literature,39(3), 839-868. This paper assesses progress made by the profession in understanding whether and how exchange rate intervention works. It reviews theory and evidence on official intervention, concentrating primarily on work published in the last decade or so. The paper concludes that, unlike the profession's consensus of the 1980s, official intervention can be effective, especially as a signal of policy intentions and when publicly announced and concerted. Conditional variance and the risk premium in theforeign exchange market, Domowitz, I., & Hakkio, C. S. (1985). Journal of international Economics,19(1-2), 47-66. This paper investigates the existence of a risk premium in the foreign exchange market, based on the conditional variance of market forecast errors. The forecast errors are assumed to follow the ARCH process introduced by Engle (1982). Estimation and diagnostic testing of the model are discussed, and results are presented for the currencies of the United Kingdom, France, Germany, Japan and Switzerland. The significance of technical trading-rule profits in theforeign exchange market: a bootstrap approach, Levich, R. M., & Thomas III, L. R. (1993). Journal of international Money and Finance,12(5), 451-474. This paper presents new evidence on the profitability and statistical significance of technical trading rules in the foreign exchange market. The paper utilizes a new database, currency futures contracts for the period 19761990, and implements a new testing procedure based on bootstrap methodology.