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|z 9781475593488
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|a 1018-5941
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|a Eichengreen, Barry.
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|a Thick vs. Thin-Skinned :
|b Technology, News, and Financial Market Reaction /
|c Barry Eichengreen, Romain Lafarguette, Arnaud Mehl.
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|a Washington, D.C. :
|b International Monetary Fund,
|c 2017.
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|a 1 online resource (37 pages)
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|a IMF Working Papers
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|a <strong>Off-Campus Access:</strong> No User ID or Password Required
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|a <strong>On-Campus Access:</strong> No User ID or Password Required
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|a Electronic access restricted to authorized BRAC University faculty, staff and students
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|a We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the 'thin-skinned' view that technological improvements cause markets to react more to new information with the 'thick-skinned' view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the 'thick-skinned' hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent.
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|a Mode of access: Internet
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|a Lafarguette, Romain.
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|a Mehl, Arnaud.
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|a IMF Working Papers; Working Paper ;
|v No. 2017/091
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| 856 |
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|z Full text available on IMF
|u http://elibrary.imf.org/view/journals/001/2017/091/001.2017.issue-091-en.xml
|z IMF e-Library
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