The Foreign Exchange and the Market Microstructure of the Polish Zloty

Kluza, Stanisław; Sławiński, Andrzej

Author

Kluza Stanisław, Sławiński Andrzej

Title

The Foreign Exchange and the Market Microstructure of the Polish Zloty

Source

FindEcon Monograph Series : advances in financial market analysis, 2006, nr 1, s. 15-25, rys., tab., bibliogr. s. 24-25

Issue title

Financial markets : principles of modeling forecasting and decision-making

Keyword

Wymienialność złotego, Złoty polski, Modelowanie ekonometryczne
Convertibility of the zloty, Polish Zloty, Econometric modeling

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. (fragment of text).

Accessibility

The Main Library of the Cracow University of Economics
The Main Library of Poznań University of Economics and Business

Full text

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Language

eng

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