Thick vs. thin-skinned :: technology, news, and financial market reaction /
We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the "thin-skinned" view that technological improvements cause markets to react more to new information with the "thick-skinned" view that th...
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| Hauptverfasser: | , , |
|---|---|
| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
[Washington, D.C.] :
International Monetary Fund,
[2017]
|
| Schriftenreihe: | IMF working paper ;
WP/17/91. |
| Schlagworte: | |
| Online-Zugang: | Volltext |
| Zusammenfassung: | We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the "thin-skinned" view that technological improvements cause markets to react more to new information with the "thick-skinned" view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the "thick-skinned" hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent. |
| Beschreibung: | 1 online resource (38 pages) : illustrations, map, tables. |
| ISBN: | 147559481X 9781475594812 |
| ISSN: | 1018-5941 |
Internformat
MARC
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| 245 | 1 | 0 | |a Thick vs. thin-skinned : |b technology, news, and financial market reaction / |c by Barry Eichengreen, Romain Lafarguette and Arnaud Mehl. |
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| 520 | 3 | |a We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the "thin-skinned" view that technological improvements cause markets to react more to new information with the "thick-skinned" view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the "thick-skinned" hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent. | |
| 650 | 0 | |a Economic development. |0 http://id.loc.gov/authorities/subjects/sh85040804 | |
| 650 | 6 | |a Développement économique. | |
| 650 | 7 | |a economic development. |2 aat | |
| 650 | 7 | |a BUSINESS & ECONOMICS / Industries / General |2 bisacsh | |
| 650 | 7 | |a Economic development |2 fast | |
| 700 | 1 | |a Lafarguette, Romain, |e author. | |
| 700 | 1 | |a Mehl, Arnaud, |e author. | |
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| 776 | 0 | 8 | |i Print version: |a Eichengreen, Barry J. |t Thick vs. Thin-Skinned: Technology, News, and Financial Market Reaction |d Washington, D.C. : International Monetary Fund,2017 |z 9781475593488 |
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| author | Eichengreen, Barry J. Lafarguette, Romain Mehl, Arnaud |
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| id | ZDB-4-EBA-ocn989711802 |
| illustrated | Illustrated |
| indexdate | 2024-11-27T13:27:52Z |
| institution | BVB |
| isbn | 147559481X 9781475594812 |
| issn | 1018-5941 |
| language | English |
| oclc_num | 989711802 |
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| physical | 1 online resource (38 pages) : illustrations, map, tables. |
| psigel | ZDB-4-EBA |
| publishDate | 2017 |
| publishDateSearch | 2017 |
| publishDateSort | 2017 |
| publisher | International Monetary Fund, |
| record_format | marc |
| series | IMF working paper ; |
| series2 | IMF working paper ; |
| spelling | Eichengreen, Barry J., author. http://id.loc.gov/authorities/names/n81065103 Thick vs. thin-skinned : technology, news, and financial market reaction / by Barry Eichengreen, Romain Lafarguette and Arnaud Mehl. ©2017 [Washington, D.C.] : International Monetary Fund, [2017] 1 online resource (38 pages) : illustrations, map, tables. text txt rdacontent computer c rdamedia online resource cr rdacarrier IMF working paper ; WP/17/91 We study the impact of technology on the reaction of financial markets to information, focusing on the foreign exchange market. We contrast the "thin-skinned" view that technological improvements cause markets to react more to new information with the "thick-skinned" view that they react less. We pinpoint exogenous technological changes using the timing of the connection of countries via the submarine fiber-optic cables used for electronic trading. Cable connections dampen the response of exchange rates to macroeconomic news, consistent with the "thick-skinned" hypothesis. This is in line with the view that technology eases access to information and reduces trend-following behavior. According to our estimates, cable connections reduce the reaction of exchange rates to U.S. monetary policy news by 50 to 80 percent. Economic development. http://id.loc.gov/authorities/subjects/sh85040804 Développement économique. economic development. aat BUSINESS & ECONOMICS / Industries / General bisacsh Economic development fast Lafarguette, Romain, author. Mehl, Arnaud, author. has work: Thick vs. thin-skinned (Text) https://id.oclc.org/worldcat/entity/E39PCGTvdtRFJqW4QCgQbyPTpd https://id.oclc.org/worldcat/ontology/hasWork Print version: Eichengreen, Barry J. Thick vs. Thin-Skinned: Technology, News, and Financial Market Reaction Washington, D.C. : International Monetary Fund,2017 9781475593488 IMF working paper ; WP/17/91. http://id.loc.gov/authorities/names/no89010263 FWS01 ZDB-4-EBA FWS_PDA_EBA https://search.ebscohost.com/login.aspx?direct=true&scope=site&db=nlebk&AN=1514483 Volltext |
| spellingShingle | Eichengreen, Barry J. Lafarguette, Romain Mehl, Arnaud Thick vs. thin-skinned : technology, news, and financial market reaction / IMF working paper ; Economic development. http://id.loc.gov/authorities/subjects/sh85040804 Développement économique. economic development. aat BUSINESS & ECONOMICS / Industries / General bisacsh Economic development fast |
| subject_GND | http://id.loc.gov/authorities/subjects/sh85040804 |
| title | Thick vs. thin-skinned : technology, news, and financial market reaction / |
| title_auth | Thick vs. thin-skinned : technology, news, and financial market reaction / |
| title_exact_search | Thick vs. thin-skinned : technology, news, and financial market reaction / |
| title_full | Thick vs. thin-skinned : technology, news, and financial market reaction / by Barry Eichengreen, Romain Lafarguette and Arnaud Mehl. |
| title_fullStr | Thick vs. thin-skinned : technology, news, and financial market reaction / by Barry Eichengreen, Romain Lafarguette and Arnaud Mehl. |
| title_full_unstemmed | Thick vs. thin-skinned : technology, news, and financial market reaction / by Barry Eichengreen, Romain Lafarguette and Arnaud Mehl. |
| title_short | Thick vs. thin-skinned : |
| title_sort | thick vs thin skinned technology news and financial market reaction |
| title_sub | technology, news, and financial market reaction / |
| topic | Economic development. http://id.loc.gov/authorities/subjects/sh85040804 Développement économique. economic development. aat BUSINESS & ECONOMICS / Industries / General bisacsh Economic development fast |
| topic_facet | Economic development. Développement économique. economic development. BUSINESS & ECONOMICS / Industries / General Economic development |
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