allow explaining and replicating most stylized facts of foreign exchange markets, namely (i) the excess volatility of the … exchange rate with respect to its fundamentals, (ii) booms, busts and precarious equilibria, (iii) clusters of volatility, (iv …

allow explaining and replicating most stylized facts of foreign exchange markets, namely (i) the excess volatility of the … exchange rate with respect to its fundamentals, (ii) booms, busts and precarious equilibria, (iii) clusters of volatility, (iv …

volatility, fat-tailed return distributions, serially uncorrelated returns and volatility clustering. A stability and bifurcation …

due to taxation and how emergent properties from the interaction of traders like bubbles and crashes, excess volatility …, excess kurtosis and volatility clustering change. Numerical simulations reveal that under taxation traders abstain from short …-term trading in favour of longer investment horizons. This change in behavior leads to less excess volatility and diminishing …

due to taxation and how emergent properties from the interaction of traders like bubbles and crashes, excess volatility …, excess kurtosis and volatility clustering change. Numerical simulations reveal that under taxation traders abstain from short …-term trading in favour of longer investment horizons. This change in behavior leads to less excess volatility and diminishing …

investment horizons. This change in behavior leads to less volatility and less mispricings. When the tax rate exceeds a certain …

. The second part deals with the econometric estimation of speculative dynamics. I find empirical evidence for similar …