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The Foreign Exchange Market

In: Exchange Rates and International Financial Economics

Author

Listed:
  • John N. Kallianiotis

    (University of Scranton)

Abstract

The foreign exchange market is a form of international market for the trading of all national currencies. Financial centers all over the world function as anchors of trading among a wide range of different types of buyers and sellers around the clock, with the exception of weekends. This foreign exchange market determines the relative values (exchange rates) of different currencies. It also assists international trade and investment by enabling currency conversion, offering lines of credit in different currencies, and providing instruments of hedging exchange rate risk. Further, it supports direct speculation on the value of currencies and arbitrage profits between different markets, based on different exchange rates and interest rate differentials among countries.

Suggested Citation

  • John N. Kallianiotis, 2013. "The Foreign Exchange Market," Palgrave Macmillan Books, in: Exchange Rates and International Financial Economics, chapter 2, pages 51-82, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-31888-6_2
    DOI: 10.1057/9781137318886_2
    as

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