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Mikrostruktura Deviznog Tržišta I Formiranje Deviznog Kursa

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  • Vladimir Vučković

Abstract

Predmet analize mikrostrukture tržišta jesu procesi kojima se aktivnosti investitora prenose na količine i cene. Ovaj pravac ukazuje na činjenicu koja je u fundamentalnim teorijama neopravdano zapostavljena - visina deviznog kursa je posledica interakcije tržišnih učesnika. Promptno devizno tržište se najbolje može opisati kao decentralizovano tržište više dilera. Ne postoji organizovano fizičko mesto (berza) na kom se dileri susreću sa klijentima, niti postoji elektronski sistem koji ornogućava da se na ekranujedinstveno prikažu kotacije svih dilera na tržištu neke valute. Teorija tokova naloga je proizašla kao odgovor na suštinsko pitanje infrastrukture tržišta: da li i na koji način mehanizmi trgovanja utiču na proces fortmiranja cene predmeta trgovine. Informacije su rasute i nisu dostupne svitn subjektima u agregiranoj formi, što je posledica decentralizovane strukture, nepostojanja regulacije i netransparentnog poslovanja na deviznom tržištu. U takvom okruženju, tržišni učesnici neprekidno agregiraju signale na osnovu rasutih informacija, pa se tek nakon formiranja zbirnih naloga za kupoprodaju deviza, u procesu trgovine nove informacije ugrađuju u devizni kurs. Nekoliko sprovedenih istraživanja je pokazalo da tokovi naloga veoma dobro objašnjavaju promene deviznog kursa.

Suggested Citation

  • Vladimir Vučković, 2005. "Mikrostruktura Deviznog Tržišta I Formiranje Deviznog Kursa," Economic Annals, Faculty of Economics and Business, University of Belgrade, vol. 50(164), pages 63-79, January -.
  • Handle: RePEc:beo:journl:v:50:y:2005:i:164:p:63-79
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