Dollar Dominance in FX Trading

Somogyi, Fabricius

doi:10.2139/ssrn.3882546

SSRN Journal

2021

DOI: 10.2139/ssrn.3882546

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Dollar Dominance in FX Trading

Fabricius Somogyi¹

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Cited by 4 publications

(1 citation statement)

References 122 publications

(93 reference statements)

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“…e.g.,Allen and Wittwer (2021),Du and Zhu (2017a,b) Baisa and Burkett (2018),Antill and Duffie (2021),Kyle, Obizhaeva, and Wang (2017),Kyle and Lee (2018),Duffie (2018),Zhu (2018a,b), Yoon (2019, 2021a,b),Chen and Zhang (2020),Zhang (2022),Babus and Hachem (2021),Cespa and Vives (2021),Chen and Duffie (2021),Somogyi (2021),Wittwer (2021).…”

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confidence: 99%

Innovation in Decentralized Markets: Technology versus Synthetic Products

Rostek,

Yoon

2024

American Economic Journal: Microeconomics

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Advances in market-clearing technology for multiple assets and synthetic products present alternative ways to leverage complementarities and substitutabilites in asset payoffs. This paper compares their equilibrium and welfare effects. In competitive markets, either instrument can mimic the efficient design. When traders have price impact, however, synthetic products and market-clearing technology provide separate instruments for impacting markets’ performance and can generate synergies or trade-offs. Neither instrument can generally reproduce the other’s payoffs state by state. Moreover, innovation in market clearing renders additional synthetic products nonredundant. Our analysis points to the advantages of each type of innovation while also exposing potential risks. (JEL D44, D47, G11, G12, G13, O31)

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Innovation in Decentralized Markets: Technology versus Synthetic Products

Rostek,

Yoon

2024

American Economic Journal: Microeconomics

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Exchange rate volatility and India–US commodity trade: evidence of the third country effect

2023

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The relationship between trade flows and exchange rate uncertainty is still being debated in academic circles while examining the effects of exchange rate uncertainty on India's bilateral trade flows, prior research disregard the “third-county” effect. This study investigates the effect of third-country risk on the amount of India–US commodity trade using time series data for 79 Indian commodity export and 81 Indian commodity import businesses. The results show that the volume of trade in a select few industries is considerably impacted by third-country risk in terms of dollar/yen and rupee/yen. According to the findings, rupee–dollar volatility affects 15 exporting industries in the short run and 9 industries in the long run. Similarly, the third country effect demonstrates that Rupee–Yen volatility affects 9 Indian exporting industries both in the short and long run. The results show that rupee–dollar volatility tends to have a short-term impact on 25 importing industries and a long-term impact on 15 sectors. Similar to this, the third country effect demonstrates that Rupee–Yen volatility tends to have an impact on 9 Indian importing industries over the short and long term.

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Importance of transaction costs for asset allocation in foreign exchange markets

Filippou,

Maurer,

Pezzo

et al. 2024

Journal of Financial Economics

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Dollar Dominance in FX Trading

Cited by 4 publications

References 122 publications

Innovation in Decentralized Markets: Technology versus Synthetic Products

Innovation in Decentralized Markets: Technology versus Synthetic Products

Exchange rate volatility and India–US commodity trade: evidence of the third country effect

Importance of transaction costs for asset allocation in foreign exchange markets

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