Foreign Exchange Market Organization in Selected Developing and Transition Economies: Evidence from a Survey

47 Pages Posted: 15 Feb 2006

Date Written: January 2004

Abstract

The foreign exchange market microstructures in developing and transition economies are characterized by the results from the IMF`s 2001 Survey on Foreign Exchange Market Organization. The survey found that these markets are usually unified onshore spot markets for U.S. dollars, where transactions are concentrated at the bank-customer level. The trading mechanisms are usually dealer or mixed dealer/auction markets; the degree of transparency is often low; settlement systems remain risky; and the scope for price discovery is variable.

Keywords: Market microstructure, foreign exchange regulation, net open foreign exchange positions

JEL Classification: E58, F31, G28

Suggested Citation

Canales-Kriljenko, Jorge Iván, Foreign Exchange Market Organization in Selected Developing and Transition Economies: Evidence from a Survey (January 2004). IMF Working Paper No. WP/04/4, Available at SSRN: https://ssrn.com/abstract=878827

Jorge Iván Canales-Kriljenko (Contact Author)

International Monetary Fund (IMF) ( email )

700 19th Street N.W.
Washington, DC 20431
United States

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