haku: @indexterm EXTERNALITIES / yhteensä: 129
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| Tekijä: | Lyons, R. |
| Otsikko: | A simultaneous trade model of the foreign exchange hot potato |
| Lehti: | Journal of International Economics
1997 : MAY, VOL. 42:3/4, p. 275-298 |
| Asiasana: | ECONOMICS INFORMATION EXTERNALITIES |
| Kieli: | eng |
| Tiivistelmä: | This paper develops a simultaneous trade model of the spot foreign exchange market (cf., the sequential trade approach to dealing). The model produces hot-potato trading - a term that refers to the repeated passing of inventory imbalances between dealers. At the outset, risk-averse dealers receive customer orders that are not generally observable. Dealers then trade among themselves. Thus, each dealer intermediates both his customer's trades and any information contained therein. |
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