登入
選單
返回
Google圖書搜尋
Offshore Currency Markets: Non-Deliverable Forwards (NDFs) in Asia
Jochen M. Schmittmann
Chua Han Teng
出版
International Monetary Fund
, 2020-09-04
主題
Business & Economics / Money & Monetary Policy
Business & Economics / Finance / General
Business & Economics / Banks & Banking
ISBN
1513556320
9781513556321
URL
http://books.google.com.hk/books?id=I5n7zQEACAAJ&hl=&source=gbs_api
註釋
Non-deliverable forward (NDF) markets in many Asian emerging market currencies are large, rapidly growing, and often exceed onshore markets in transaction volume. NDFs tend to price significant depreciation during market stress episodes including COVID-19. Spillovers from NDFs to onshore markets are a policymaker concern. Our analysis shows that influences tend to run both ways after controlling for differences in timezones between markets. For the COVID-19 pandemic there is some evidence of NDFs leading onshore markets for a few currencies. Policy approaches to NDFs vary widely across Asia from close integration with onshore markets to severe restrictions on NDF trading.
