Handbook of Exchange Rates is an impressive compilation of research from more than thirty-five leading researchers and experts on the topic. The book is clearly organized into five succinct sections that explore the foreign exchange (FX) market, from its background and economic foundation to...

If certain conditions in the econometric modelling of market efficiency do not hold; then it might be possible that speculative profits are available, hence the term conditional speculation in the title. The current research aims to examine such conditions between the spot and forward foreign...

Using contract-level supervisory data, we show that dollar forward sales by non-US banks that are initiated at the end of a quarter and mature shortly after it concludes trade at higher prices and higher volumes. These effects are driven by banks with large net on-balance-sheet dollar assets...