A model for world crude oil and natural gas markets is estimated. It confirms low price and high income elasticities of … shocks. The paper establishes a relationship between oil prices, changes in the nominal effective exchange rate (NEER) of the … rates and the NEER are shown to influence crude prices inversely. The results imply that crude oil prices should be included …

Market makers learn about asset values as they set intraday prices and absorb portfolio flows. Absorbing these flows … causes inventory imbalances. Previous work has argued that market makers change prices to manage incoming flows and offset …

land in the world, an enviable supply of hydrocarbons and minerals, and a relatively well-developed infrastructure. Despite …

liquidity" hypothesis suggests that opening financial markets militates in favor of exchange rate flexibility by increasing the …-Prescott-based values where markets are liberalized. The results suggest that early and successful foreign exchange liberalization pays off …

The paper provides a general-equilibrium model where incomplete international financial markets lead to insufficient …

Policy makers have expressed interest in fostering the development of local foreign exchange derivatives markets with a … derivatives market in Chile, and argues that liquid and developed foreign exchange derivatives markets can help promote financial …

speculators in financial markets, in a model where each speculator tries to coordinate her trades with the market's by observing …