Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities

Eckwert B, Drees B (2003)
Review of International Economics 11(3): 453-463.

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The paper studies the impact of more transparency on the risk-sharing opportunities in the foreign exchange market and the associated implications on ex ante welfare. Transparency is measured in this model by the informational content of publicly observable signals about exchange rate developments. The authors find that in this model more transparency improves welfare in economies that are poorly endowed with capital and/or where investors are not very risk-averse, while welfare is reduced in economies with large capital endowments and/or where investors are highly risk-averse.
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Eckwert B, Drees B. Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities. Review of International Economics. 2003;11(3):453-463.
Eckwert, B., & Drees, B. (2003). Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities. Review of International Economics, 11(3), 453-463. doi:10.1111/1467-9396.00395
Eckwert, B., and Drees, B. (2003). Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities. Review of International Economics 11, 453-463.
Eckwert, B., & Drees, B., 2003. Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities. Review of International Economics, 11(3), p 453-463.
B. Eckwert and B. Drees, “Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities”, Review of International Economics, vol. 11, 2003, pp. 453-463.
Eckwert, B., Drees, B.: Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities. Review of International Economics. 11, 453-463 (2003).
Eckwert, Bernhard, and Drees, Burkhard. “Welfare Effects of Transparency in Foreign Exchange Markets: The Role of Hedging Opportunities”. Review of International Economics 11.3 (2003): 453-463.
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