Research on a multiplier effect between diversification of investment currencies in the European financial markets and concentration of vehicle currency into the Deutsche Mark

欧洲金融市场投资货币多元化与载体货币集中于德国马克之间的乘数效应研究

基本信息

批准号：
07453011
负责人：
TANAKA Soko
金额：
$ 2.43万
依托单位：
Tohoku University
依托单位国家：
日本
项目类别：
Grant-in-Aid for Scientific Research (B)
财政年份：
1995
资助国家：
日本
起止时间：
1995 至 1996
项目状态：
已结题

项目摘要

The Deutsche Mark became the European vehicle currency about 1990, getting rid of the US Dollar. This facr was proven by reports of some central banks in the European Union and by several field works done by some Japanese researchers in foreign exchange markets in Western Europe in the beginning of 1990s. In the interviews with foreign exchange dealers, stability of foreign exchange rates between EMS currencies is a very important factor which drove the Deutsche Mark, the key currency of the EMS,into the vehicle currency in Europe. As is known, a bid-ask spread of a currency in the interbank foreign exchange markets is a key factor foreign exchange dealers decide a vehicle currency. A bid-ask spread is proportional to transaction volume of a currency in the markets and disproportional to volatility of a currency. So it is clear that the stability of foreign exchange rates in the EMS can explain only one factor, namely scarce volatility between the D.Mark and other EMS currencies. The o … More ther factro, namely increasing transaction volume of the D.Mark, must be investigated.This research formulated a kind of multiplier effect between "diversification" and "concentration"in the foreign exchange markets and crossborder financial markets. The diversification of investment currencies in the European financial markets has developed with the liberalization of exchange controls in the process of the completion of the internal market in the EC.European governments issued huge amount of bonds and the institutional investors have invested and transacted them on the crossborder base. The crossborder transactions of the international institutional investors accompany huge amounts of foreign exchange transactions. The scarce volatility of the D.Mark and other EMS currencies lowered the bid-ask spread of the D.Mark and the currency was selected as the vehicle currency in the European interbank markets. The D.Mark substituted the US dollar whose volatility was huge in the latter half of 1980s. Though Frankfurt foreign exchange market had faults, London market substituted for it as the center of foreign exchange transactions.In this manner, the "diversification"and "concentration" took place together and multiply each other. Less

德国马克于 1990 年左右取代美元成为欧洲流通货币，欧盟一些中央银行的报告以及一些日本研究人员在西欧外汇市场所做的多项实地研究都证明了这一点。在20世纪90年代初对外汇交易商的采访中，EMS货币之间的汇率稳定是推动EMS的关键货币德国马克成为欧洲货币的一个非常重要的因素。众所周知，银行间外汇市场货币的买卖价差是外汇交易商决定媒介货币的关键因素，买卖价差与市场上货币的交易量成正比，与货币的波动性成反比。因此，很明显，EMS 中外汇汇率的稳定性只能解释一个因素，即 D 马克与其他 EMS 货币之间的稀有波动性，即 D 币交易量的增加。 .马克，必须进行调查。这项研究欧洲金融市场的投资货币多元化是随着外汇管制自由化的完成而发展起来的。欧洲各国政府发行了大量债券，机构投资者在跨境基础上进行投资和交易，国际机构投资者的跨境交易伴随着巨额外汇交易的稀缺波动。丹麦马克和其他EMS货币降低了丹麦马克的买卖差价，该货币被选为欧洲银行间市场的工具货币，取代了下半年波动巨大的美元。 20世纪80年代，虽然法兰克福外汇市场出现了断层，但伦敦市场取代了它成为外汇交易的中心，这样，“多元化”与“集中化”同时发生，相辅相成。