货币操纵的艺术:一些人如何通过故意扭曲汇率而获利

Q3 Economics, Econometrics and Finance

Journal of Globalization and Development Pub Date : 2014-01-01 DOI:10.1515/jgd-2013-0040

K. Basu

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引用次数: 0

摘要

发展中国家外汇市场上经常出现的一种指控是操纵者在起作用。既然买进是为了提高价格，卖出是为了降低价格，那么自然就会产生这样一个问题:对市场操纵的广泛指控是否成立?这篇论文表明(无论“广泛传播”是否有任何优点)玩家都有可能操纵和牟取暴利。通过运用一些简单的博弈论原理，本文概述了操纵者可能使用的策略。本文的目的不是为操纵者提供手册，而是使监管机构能够理解艺术并制定遏制操纵的政策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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The Art of Currency Manipulation: How Some Profiteer by Deliberately Distorting Exchange Rates

Abstract A frequent charge in foreign exchange markets in developing countries is that of manipulators being at work. Since to buy is to raise prices and to sell is to lower prices, the question that naturally arises is whether the widespread charge of market manipulation is valid. The paper shows that (whether or not “widespreadness” has any merit) it is possible for a player to manipulate and profiteer. By using some simple principles of game theory, the paper outlines a strategy that a manipulator may use. The aim of this paper is not to provide a manual for the manipulator but to enable the regulator to understand the art and develop policies to curb manipulation.

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来源期刊

Journal of Globalization and Development Economics, Econometrics and Finance-Economics, Econometrics and Finance (all)

CiteScore

1.20

自引率

0.00%

发文量

期刊介绍： The Journal of Globalization and Development (JGD) publishes academic research and policy analysis on globalization, development, and in particular the complex interactions between them. The journal is dedicated to stimulating a creative dialogue between theoretical advances and rigorous empirical studies to push forward the frontiers of development analysis. It also seeks to combine innovative academic insights with the in-depth knowledge of practitioners to address important policy issues. JGD encourages diverse perspectives on all aspects of development and globalization, and attempts to integrate the best development research from across different fields with contributions from scholars in developing and developed countries. Topics: -Economic development- Financial investments- Development Aid- Development policies- Growth models- Sovereign debt