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Title: Essays on intervention, speculation and sentiment in the foreign exchange market
Author: Mao, Xuxin
ISNI:       0000 0004 5365 1181
Awarding Body: University of Glasgow
Current Institution: University of Glasgow
Date of Award: 2015
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The purpose of this thesis is to analyse the interaction of currency intervention, speculation and sentiment, and their influence on the exchange rate dynamics across the developed and developing countries. This thesis tackles the three factors attributable to the unsolved issues in the field, i.e., the lack of proper data set or proxies, theoretical foundation, and structural models. After reviewing the related literature, microstructure frameworks are built with theoretical set-ups, e.g., the international parities, the forward rate bias and central bank credibility. Then the transmission channels of currency interventions, the reaction functions of central banks, and the impacts of the speculators activity and psychology are examined with cointegrated VAR methodology. In doing so, this thesis offers thorough structural and identified analyses of developed and developing country currencies in a joint theoretical framework. Therefore, this thesis fills some methodological, theoretical and empirical gaps in the field of international finance. Furthermore, it provides not only suggestions for future empirical and theoretical research but also policy implications for central banks across developed and developing countries.
Supervisor: Not available Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available
Keywords: HG Finance