The Forward Market in Foreign Exchange: A Study in Market-making, Arbitrage and Speculation, 1st Edition (Paperback) book cover

The Forward Market in Foreign Exchange

A Study in Market-making, Arbitrage and Speculation, 1st Edition

By Brendan Brown

Routledge

158 pages

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Paperback: 9781138633001
pub: 2018-08-29
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Hardback: 9781138632998
pub: 2017-04-13
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eBook (VitalSource) : 9781315207933
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Description

Originally published in 1983. With the prevailing uncertainties and wild fluctuation in exchange values at the time, the forward market in foreign exchange had become a vital issue for both governments and business corporations. This book by an expert practitioner in foreign exchange dealing describes how the forward market functions and analyses the constituent elements in its behaviour.

The two principal types of foreign exchange deal are examined; forward outright and swap, and explanations are given of how both operate. The linkage between forward rates and interest rates is also considered and the book investigates what factors cause deviation from parity conditions. In addition, there is a discussion of political risk and the forward contract and the role of speculation in forward exchange as well as the methods of hedging.

Table of Contents

Foreword Part 1: Market-Making 1. Who Makes the Market? 2. The Swap Market 3. The Outright Forward Market 4. Currency Triangles Part 2: Arbitrage 5. Triangular Arbitrage 6. Political Risk in the Swap/Deposit Triangle 7. Official Intervention in the Deposit/Swap Triangle Part 3: Speculation 8. Choosing the Speculative Numeraire 9. Speculative Vacuums 10. Inflation and the Forward Market

About the Series

Routledge Library Editions: Exchange Rate Economics

Reissuing works originally published between 1923 and 1997, this collection of books on exchange rate economics is a unique resource in international finance and economic history. Books in the set look at foreign exchange policy, currency and markets in a range of eras and contexts.

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Subject Categories

BISAC Subject Codes/Headings:
BUS000000
BUSINESS & ECONOMICS / General
BUS069000
BUSINESS & ECONOMICS / Economics / General