Abstract: An Examination of the Forward Exchange Market during Pegged and Floating Systems: United States, Canada, Germany, and United Kingdom

James R. F. Guy

Journal of Financial and Quantitative Analysis, 1977, vol. 12, issue 4, 631-631

Abstract: This paper examines the profitability and risk of a naive strategy of forward exchange speculation during pegged and flexible exchange rate systems. It suggests a new method of calculating these speculative returns and shows that the average return was much less than previously supposed and that the distribution of returns differed between systems and countries.

Date: 1977
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