Finance

Describe the main characteristics of the foreign exchange market. What are the parities that explain how the value of a currency is determined? Are these parity conditions an accurate description of the reality? More specifically, can any support for them be found in the empirical literature? In relation to the issuance and control of currency units, what are the differences between traditional currencies (such as British pound or Euro) and virtual currencies (such as Bitcoin)?

Further Guidance Please note that the assignment question consists of three parts and you are expected to address all of them. You will need to consult academic literature in order to answer this question competently. A good starting point for your reading and fact-finding when preparing your assignment are the following:

  • Bank for International Settlements (2016). Triennial Central Bank Survey of Foreign Exchange and OTC Derivative Markets in 2016. Downloadable at: http://www.bis.org/publ/rpfx16.htm Böhme, R., Christin, N., Edelman, B. and Moore, T., (2015). Bitcoin: Economics, Technology, and Governance. Journal of Economic Perspectives, 29(2), pp.213-238.
  • Polasik, M., Piotrowska, A.I., Wisniewski, T.P., Kotkowski, R. and Lightfoot, G., (2015). Price Fluctuations and the Use of Bitcoin: An Empirical Inquiry. International Journal of Electronic Commerce, 20(1), pp.9-49.
  • Taylor, A.M. and Taylor, M.P., (2004). The Purchasing Power Parity Debate. Journal of Economic Perspectives, 18(4), pp.135-158.
  • Valdez, S. (2007). An Introduction to Global Financial Markets. 5th Edition. Basingstoke: Palgrave Macmillan.
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