Analyzes the seasonal fluctuations of US and British short-term nominal interest rates, the dollar-sterling exchange rate, and short-term interest rate differentials from 1883 to 1913. Finds that the interest rates varied differently in the two countries and that the separate variations in exchange rates exacerbated rather than mitigated those changes. Concludes that the costs of transaction alone cannot account for the seasonal changes, and posits liquidity constraints on arbitrageurs in London as a cause. Annotation copyright Book News, Inc. Portland, Or.
Le informazioni nella sezione "Riassunto" possono far riferimento a edizioni diverse di questo titolo.
Book by Ellen L Foster
Le informazioni nella sezione "Su questo libro" possono far riferimento a edizioni diverse di questo titolo.