The Foreign Exchange and the Market Microstructure of the Polish Zloty

Stanisław Kluza () and Andrzej Sławiński ()
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Stanisław Kluza: Warsaw School of Economics, Poland
Andrzej Sławiński: Warsaw School of Economics, Poland

Chapter 1 in FindEcon Monograph Series: Advances in Financial Market Analysis, 2006, vol. 1, pp 15-25 from University of Lodz

Abstract: Chapter 1 presents the foreign exchange and the market microstructure of the Polish zloty. The assumption of the analysis is that exchange rate displayed high volatility largely not connected with fundamentals. It is argued that the weakness of macroeconomic models has its origin in the complexity and microstructure of the foreign exchange market in the short-run. It has been found that the microstructure properties for PLN/EUR exchange rate are significant and can compete with findings based on fundamentals. The analysis also extends the framework to evaluate factors that can disturb the estimation of foreign exchange microstructure for Poland.

Keywords: Polish Zloty; Convertibility of the zloty; Econometric modeling (search for similar items in EconPapers)
JEL-codes: C01 E02 F00 G00 (search for similar items in EconPapers)
Date: 2006
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Persistent link: https://EconPapers.repec.org/RePEc:ann:findec:book:y:2006:n:01:ch:01:mon

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