International Finance: Recent Developments in Foreign Exchange Markets

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Report Type	Reports and Testimonies
Report Date	Sept. 24, 1993
Report No.	GGD-93-154
Subject	Economic indicators Foreign currency Foreign currency exchanges Foreign exchange rates Foreign policies Inflation Macroeconomic analysis Speculation (finance) European Community European Exchange Rate Mechanism Germany Great Britain International Monetary Fund Italy Economic growth Economic policies

Summary:

Foreign exchange currency trading has grown tremendously in the last decade because of the globalization of financial markets and increased international commerce and investment. Although fundamental economic forces determine long-term exchange rates, the complexity and the variability of these forces make predicting short-term rates highly uncertain. Speculation adds liquidity and flexibility to the market and can be stabilizing. The risks of such speculation, however, create concerns for policymakers. Some recent academic studies suggest that within limits, government intervention can influence short-term movement of exchange rates. Nevertheless, recent experiences with the European Community's exchange rate mechanism demonstrate that exchange rates cannot be sustained at levels that ignore changes in economic fundamentals.

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International Finance: Recent Developments in Foreign Exchange Markets