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首页> 外文期刊>International journal of finance & economics >THE ROLE OF ASYMMETRIC INFORMATION AMONG INVESTORS IN THE FOREIGN EXCHANGE MARKET
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THE ROLE OF ASYMMETRIC INFORMATION AMONG INVESTORS IN THE FOREIGN EXCHANGE MARKET

机译：不对称信息在外汇市场中的投资者中的作用

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This paper posits asymmetric information as the missing link between the currency demands of investors and changes in the exchange rate. A theoretical model demonstrates that changes in the exchange rate and currency demand are positively correlated for well-informed investors and negatively correlated for less well-informed investors, results consistent with stylized facts from the empirical literature. These theoretical findings are supported empirically using a new data set from the Israeli foreign exchange market. The empirical analysis indicates that a one million dollar larger purchase than sales by well-informed financial investors induces an increase of 0.060 per cent in the Israeli Sheqel/Dollar exchange rate over a one month period. A similar net flow from less well-informed investors results in a 0.046 per cent decrease in the exchange rate.
机译：本文认为信息不对称是投资者货币需求与汇率变动之间缺少的联系。一个理论模型表明，对于消息灵通的投资者而言，汇率和货币需求的变化呈正相关，对于消息灵通的投资者则呈负相关，其结果与经验文献的典型事实相符。这些理论发现得到了以色列外汇市场新数据的经验支持。经验分析表明，消息灵通的金融投资者购买量要比销售量大一百万美元，从而导致以色列谢克尔/美元汇率在一个月内增加0.060％。来自消息灵通的投资者的类似净流量导致汇率下降了0.046％。

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