The Crisis in the Foreign Exchange Market

38 Pages Posted: 7 Oct 2009

See all articles by Michael Melvin

Michael Melvin

University of California, San Diego (UCSD) - Rady School of Management; CESifo (Center for Economic Studies and Ifo Institute)

Mark P. Taylor

Barclays - Barclays Global Investors (London)

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Date Written: September 2009

Abstract

We provide an overview of the important events of the recent global financial crisis and their implications for exchange rates and market dynamics. Our goal is to catalogue all that was truly of major importance in this episode. We also construct a quantitative measure of crises that allows for a comparison of the current crisis to earlier events. In addition, we address whether one could have predicted costly events before they happened in a manner that would have allowed market participants to moderate their risk exposures and yield better returns from currency speculation.

Keywords: Financial crisis, foreign exchange market

JEL Classification: F31

Suggested Citation

Melvin, Michael and Taylor, Mark P., The Crisis in the Foreign Exchange Market (September 2009). CEPR Discussion Paper No. DP7472, Available at SSRN: https://ssrn.com/abstract=1484505

Michael Melvin (Contact Author)

University of California, San Diego (UCSD) - Rady School of Management ( email )

9500 Gilman Drive
Rady School of Management
La Jolla, CA 92093
United States

CESifo (Center for Economic Studies and Ifo Institute)

Poschinger Str. 5
Munich, DE-81679
Germany

Mark P. Taylor

Barclays - Barclays Global Investors (London) ( email )

Murray House
Royal Mint Court
EC3N 4HH London
United Kingdom

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