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The Behavior of Foreign Exchange Rates

Author

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  • Jorge R Calderon-Rossell

    (The World Bank)

  • Moshe Ben-Horim

    (University of Florida and Hebrew University)

Abstract

The analysis of the distribution of foreign exchange rate changes provides a description of the behavior of foreign exchange rates and its determining underlying process. The application of empirical methodologies or further theoretical developments is limited by the nature of this distribution. In this paper, the empirical analysis of major currencies during the flexible exchange rate period suggests that there is no unique distribution representing the behavior of the foreign exchange rate. This, however, is determined both by foreign exchange management policies and the fundamental economic forces.© 1982 JIBS. Journal of International Business Studies (1982) 13, 99–111

Suggested Citation

  • Jorge R Calderon-Rossell & Moshe Ben-Horim, 1982. "The Behavior of Foreign Exchange Rates," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 13(2), pages 99-111, June.
    • Handle: RePEc:pal:jintbs:v:13:y:1982:i:2:p:99-111
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    Cited by:

    1. Fofack, Hippolyte & Nolan, John P., 2001. "Distribution of parallel exchange rates in African countries," Journal of International Money and Finance, Elsevier, vol. 20(7), pages 987-1001, December.
    2. Bekiros, Stelios D., 2015. "Heuristic learning in intraday trading under uncertainty," Journal of Empirical Finance, Elsevier, vol. 30(C), pages 34-49.
    3. Kaehler, Jürgen, 1993. "On the modelling of speculative prices by stable Paretian distributions and regularly varying tails," ZEW Discussion Papers 93-25, ZEW - Leibniz Centre for European Economic Research.
    4. Cornelis A. Los, 2005. "The Degree of Stability of Price Diffusion," Finance 0508006, University Library of Munich, Germany.

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