Foreign Exchange Auctions and Fixings: A Review of Performance

52 Pages Posted: 15 Feb 2006

See all articles by Arto Kovanen

Arto Kovanen

International Monetary Fund (IMF) - African Department

Date Written: September 1994

Abstract

Flexible exchange rates regimes have become more apparent in developing countries during the 1980s, and a number of developing countries have adopted floating exchange rates within the context of interbank markets, but occasionally auction markets have been used. This study concentrates on developing countries where floating exchange rate regimes have been implemented in the form of auction markets. Its purpose is to assess how these arrangements have performed and whether they have provided a useful means of facilitating further development of foreign exchange markets. We also review the official fixing systems used by some countries with floating exchange rates.

JEL Classification: F31

Suggested Citation

Kovanen, Arto, Foreign Exchange Auctions and Fixings: A Review of Performance (September 1994). IMF Working Paper No. 94/119, Available at SSRN: https://ssrn.com/abstract=883861

Arto Kovanen (Contact Author)

International Monetary Fund (IMF) - African Department ( email )

1700 19th Street, NW
Washington, DC 20431
United States

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