What Determines the Forward Exchange Rate of the Euro?

Costas Karfakis

Discussion Paper Series from Department of Economics, University of Macedonia

Abstract: This study examines the determinants of the forward exchange rate of the euro in the context of the “modern approach” for five currency combinations. The co-integration analysis suggests that speculation has played a minor role and arbitrage played a major role in determining the forward exchange rate of the euro.

Keywords: Euro; Forward Exchange Rate; Arbitrage; Speculation; Co-integration (search for similar items in EconPapers)
JEL-codes: F31 F37 (search for similar items in EconPapers)
Date: 2008-02, Revised 2008-02
New Economics Papers: this item is included in nep-cba, nep-eec, nep-ifn and nep-mon
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