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THE MICROSTRUCTURE APPROACH TO EXCHANGE RATES: A LITERATURE REVIEW

Year 2014, , 27 - 56, 30.12.2014
https://doi.org/10.17065/huiibf.06200

Abstract

The Microstructure Approach to Exchange Rates: A Literature Review The microstructure approach to exchange rates in determining the short-term exchange rate movements have been proposed with failure of macro approaches to the determination of the exchange rate since the 1990s. This theory, on the one hand, the economies of the exchange rate, on the other hand, it has created a bridge between micro-finance theories. Microstructure theory of exchange rates, unlike the macro approach, is interested in the transfer of information between market participants, the behavior of agents in the market, the importance of order flow, the heterogeneity of agents' expectations and with the results of this in terms of the volume of trade and exchange rate movements. In this study, microstructure approach to exchange rates which is subject to a neglected in Turkey is introduced at the theoretical and empirical level

References

  • Andersen, T.G., T. Bollerslev, F.X. Diebold, C. Vega (2002) “Micro Effects of Macro Announcements: Real Time Price Discovery in Foreign Exchange”, NBER Working Paper Series, 8959, 1-36.
  • Bailliu, J., M.R. King, (2005) “What Drives Movements in Exchange Rates?”, Bank of Canada Review, Autumn, 3-15.
  • Bacchetta, P., E. Van Wincoop (2003) “Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?”, NBER Working Paper Series, 9498, 1-49.
  • Berger, D.W., A.P. Chaboud, S.V. Chernenko, E. Howarka, J.H. Wright (2008) “Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data”, Journal of Economics, 75, 93-109.
  • Bhanumurthy, N.R. (2002) “Microstructures in the Indian Foreign Exchange Market”, http://www.olsendate.com/papers/2002/2_Bhanumurthy_MicroIndianFX.pdf, Erişim Tarihi: 08/01/2008.
  • Branson, W., D. Henderson (1985) “The Specification and Influence of Asset Markets”, Handbook of International Economics, 2, Amsterdam: North Holland.
  • Breedon, F., P. Vitale (2004) “An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates”, European Central Bank Working Paper Series, 424, 1-41.
  • Cerrato, N., N. Sarantis, A. Saunders (2011) “An Investigation of Customer Order Flow in the Foreign Exchange Market”, Journal of Banking and Finance, 35, 1892-1906.
  • Cheung, Y.W., M.D. Chinn (1999) “Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders”, NBER Working Paper Series, 7417, 1-23.
  • Cheung, Y.W., C.Y.P. Wong (2000) “A Survey of Market Practitioners Views on Exchange Rate Dynamics”, Journal of International Economics, 51, 401- 419.
  • Cheung, Y.W., M.D. Chinn (2001) “Currency Traders and Exchange Rate Dynamics: A Survey of the US Market”, Journal of International Money and Finance, 20, 439-471.
  • Cheung, Y.M., M.D. Chinn, I.W. Marsh (2004) “How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?”, International Journal of Finance and Economics, 9, 289-306.
  • Chionis, D., R. MacDonald (1997) “Some Tests of Market Microstructure Hypotheses in the Foreign Exchange Market”, Journal of Multinational Financial Management, 7, 203-229.
  • Chinn, M.D., M.J. Moore (2011) “Order Flow and the Monetary Model of Exchange Rates: Evidence from a Novel Data Set”, Journal of Money, Credit and Banking, 43(8), 1599-1624.
  • Danielsson, J., R. Payne, J. Luo (2002) “Exhange Rate Determination and Intermarket Order Flow Effects”, http://www9.georgetown.edu/faculty/evansm1/New%20Micro/DanPayneLui.pdf, Erişim Tarihi: 08/01/2008.
  • Danielsson, J., J. Luo, R. Payne (2011) “Exchange Rate Determination and Intermarket Order Flow Effects”, http://www.riskresearch.org/files/JD-JL- RP-28.pdf, Erişim Tarihi: 28/08/2013.
  • Dominguez, K.M.E. (2003) “The Market Microstructure of Central Bank Intervention”, Journal of International Economics, 59, 25-45.
  • Dominguez, K.M.E. (2006) “When do Central Bank Interventions Influence Intra-Daily and Longer-term Exchange Rate Movements?”, Journal of International Money and Finance, 25, 1051-1071.
  • Dornbusch, R. (1976) “Expectations and Exchange Rate Dynamics”, The Journal of Political Economy, 84(6), 1161-1176.
  • Dunne, P., H. Hau, M. Moore (2010) “International Order Flows: Explaining Equity and Exchange Rate Returns”, Journal of International Money and Finance, 29, 358-386.
  • Evans, M.D.D., R.K. Lyons (2001) “Why Order Flow Explains Exchange Rates”, http://irps.ucsd.edu/assets/006/5567.pdf, Erişim Tarihi: 02/06/2011.
  • Evans, M.D.D., R.K. Lyons (2002) “Order Flow and Exchange Rate Dynamics”, www.bis.org/publ/bppdf/bispop02j.pdf, Erişim Tarihi: 16/07/2013.
  • Evans, M.D.D., R.K. Lyons (2005a) “Understanding Order Flow”, NBER Working Paper Series, 11748, 1-34.
  • Evans, M.D.D., R.K. Lyons (2005b) “Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting”, The American Economic Review, 95(2), 405-414.
  • Evans, M.D.D., R.K. Lyons (2006) “Myths About the Micro Approach to Exchange http://www2.warwick.ac.uk/fac/soc/wbs/research/wfri/prog2005/esf/programm e/lyons _paper_myths.pdf, Erişim Tarihi: 18/08/2007.
  • Evans, M.D.D. (1999) “What are the Origins of Foreign Exchange Movements?”, http://www9.georgetown.edu/faculty/evansm1/wpapers_files/fx1.pdf, Erişim Tarihi: 16/08/2007.
  • Evans, M., R. Lyons (2004) “A New Micro Model of Exchange Rate Dynamics”, NBER Working Paper, 10379, March. Evans, M.D.D. (2007) “Foreign Exchange Market Microstructure”,
  • http://www9.georgetown.edu/faculty/evansm1/wpapers_files/tour.pdf,
  • Erişim Tarihi: 10/08/2007.
  • Evans, M.D.D., R.K. Lyons (2007) “Exchange Rate Fundamentals and Order Flow”, NBER Working Paper Series, 13151, 1-47.
  • Evans, M.D.D., R.K. Lyons (2008) “How is Macro News Transmitted to Exchange Rates”, Journal of Financial Economics, 88, 26-50.
  • Evans, M.D.D. (2010) “Order Flows and the Exchange Rate Disconnect Puzzle”, Journal of International Economics, 80, 58-71.
  • Evans, M.D.D., D. Rime (2010) “Micro Approaches to Foreign Exchange Determination”, https://www9.georgetown.edu/faculty/evansm1/, Erişim Tarihi: 07/12/2011.
  • Flood, R.P., A.K. Rose (1995) “Fixing Exchange Rates A Virtual Quest for Fundamentals”, Journal of Monetary Economics, 36(1), 3-37.
  • Frankel, J.A., A.K. Rose. (1995) “A Survey of Empirical Research on Nominal Exchange Rates”, CIDER Working Papers, C95-051.
  • Frömmel, M., A. Mende, L. Menkhoff (2008) “Order Flows, News and Exchange Rate Volatility”, Journal of International Money and Finance, 27, 904-1012.
  • Galac, T., A. Buric, I. Huljak (2006) “Microstructure of Foreign Exchange Market in Croatia”, Croatian National Bank, 15, 1-42.
  • Gereben, A.,G. Gyomai, N.M. Kiss (2005) “The Microstructure Approach to Exchange Rates: A Survey from A Central Bank’s Viewpoint”, Magyar Nemzeti Bank (MNB) Occasional Papers, 42, 1-41.
  • Iwatsubo, K., I.W. Marsh (2011) “Order Flows, Fundamentals and Exchange
  • http://www.econ.kabe-u.acjp/REPEC/koe/wpaper/2011/1120.pdf,
  • Erişim Tarihi: 09/12/2011.
  • Killeen, W.P., R.K. Lyons, M.J. Moore (2006) “Fixed Versus Flexible: Lessons from EMS Order Flow”, Journal of International Money and Finance, 25(4), 551-579.
  • King, M.R., C. Osler, D. Rime (2012) “The Market Microstructure Approach to Foreign http://www.brandeis.edu/economics/REPEC/brd/doc/Brandeis_WP54.pdf, Erişim Tarihi: 15/05/2013. Back and Looking Forward,
  • Kyle, A.S. (1985) “Continuous Auctions and Insider Trading”, Econometrica, 53(6), 1315-1335.
  • Loucha, Y., A.P. Laborda (2010) “Is Exchange Rate- Customer Order Flow Relationship Linear? Evidence from the Hungarian FX Market”, MNB Working Papers, 2010/10, 1-31.
  • Love, R., R. Payne (2002) “Macroeconomic News, order Flow and Exchange Rates”, http://faculty.haas.berkeley.edu/lyons/Love%20Payne20news%20order%20flo w.pdf, Erişim Tarihi: 10/01/2008.
  • Luo, J. (2001) “Market Conditions, Order Flow and Exchange Rates Determination”, http://faculty.haas.berkeley.edu/lyons/LuoorderflowLSE.pdf, Erişim Tarihi: 16/07/2013.
  • Lyons, R.K. (2001a) “The Microstructure Approach to Exchange Rates”, Cambridge, England: The MIT Press.
  • Lyons, R.K. (2001b) “Foreign Exchange: Macro Puzzles, Micro Tools, http://faculty.haas.berkeley.edu/lyons/pubabs/LyonsFRBSF.pdf, Erişim Tarihi: 16/07/2013.
  • Rime, D. (2000) “Private or Public Information in Foreign Exchange Markets? An Empirical Analysis, University of Oslo, Memorandum, 14, 1-45.
  • Rime, D. (2006) “Order Flow Analysis of Exchange Rates, Economics Bulletin, 77, 147-152.
  • Rime, D., L. Sarno, E. Sojli (2010) “Exchange Rate Forecasting, Order Flow and Macroeconomic Information, Journal of International Economics, 80, 72-88.
  • Marsh, I.W. (2011) “Order Flow and Central Bank Intervention: An Empirical Analysis of Recent Bank of Japan Actions in the Foreign Exchange Market”, Journal of International Money and Finance, 30, 377-392.
  • Makoena, T.M., R. Gupta, R. Van Eyden (2007) “Market Microstructure Approach to the Exchange Rate Determination Puzzle”, www.africametrics.org/documents/conference07/Day3/Session7/Macoenamicr ostructure.pdf , Erişim Tarihi: 15/05/2013.
  • Meese R.A., K. Rogoff (1983) “Empirical Exchange Rate Models of the Seventies, Do They Fit Out of Sample”, Journal of International Economics, 14, 3-24.
  • Neely, C.J., L. Sarno (2002) “How Well Do Monetary Fundamentals Forecast Exchange Rates?”, The Federal Reserve Bank of St. Louis, September/October, 51-74.
  • Nguyen, V.H., Y. Shin (2011) “Asymmetric Price Impacts of Order Flow on Exchange Rate Dynamics”, Melbourne Institute Working Paper Series, 14/11, 1-39.
  • Obstfeld, M., K. Rogoff (1995) “Exchange Rate Dynamics Redux”, Journal of Political Economy, 103(3), 624-60.
  • Osler, C. L. (2006) “Macro Lessons from Microstructure”, International Journal of Finance and Economics, 11(1), 55-80.
  • Sager, N.J., M.P. Taylor (2006) “Under the Microscope: The Structure of the Foreign Exchange Market”, Intenational Journal of Finance and Economics, 11, 81- 95.
  • Sarno, L., M.P. Taylor (2001) “The Microstructure of the Foreign Exchange Market: A Selective Survey of the Literature”, Princeton Studies in International Economics, 89, 1-66.
  • Smyth, N. (2009) “Order Flow and Exchange Rate Changes: A Look At the NZD/USD and AUD/USD”, Reserve Bank of New Zealand Discussion Paper Series, 2009/03, 1-42.
  • Vitale, P. (2004) “A Guided Tour of the Market Micro Structure Approach to Exchange Rate Determination”, http://faculty.haas.berkeley.edu/lyons/vitale%20Survey%20Micro%20. FX. pdf, Erişim Tarihi: 15/08/2007.

DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ

Year 2014, , 27 - 56, 30.12.2014
https://doi.org/10.17065/huiibf.06200

Abstract

1990’lı yıllardan itibaren döviz kuru belirlenmesinde makro yaklasımların basarısız olmasıyla birlikte özellikle kısa vadeli kur hareketlerinin belirlenmesinde döviz kurlarına mikro yapı yaklasımı ortaya atılmıstır. Bu teori, bir yandan döviz kuru ekonomileri, diger yandan mikro finans teorileri arasında bir köprü olusturmustur. Döviz kurlarına mikro yapı teorisi, makro yaklasımdan farklı olarak, piyasa katılımcıları arasında bilginin aktarımı, piyasadaki ajanların davranısı, alım-satım emrinin önemi, ajanların beklentilerinin heterojenligi ve bunun ticaret hacmi ile döviz kuru hareketleri yönünden sonuçları ile ilgilidir. Bu çalısmada, Türkiye’de ihmal edilen bir konu olan döviz kurlarına mikro yapı yaklasımı teorik ve ampirik düzeyde tanıtılmaktadır. 

References

  • Andersen, T.G., T. Bollerslev, F.X. Diebold, C. Vega (2002) “Micro Effects of Macro Announcements: Real Time Price Discovery in Foreign Exchange”, NBER Working Paper Series, 8959, 1-36.
  • Bailliu, J., M.R. King, (2005) “What Drives Movements in Exchange Rates?”, Bank of Canada Review, Autumn, 3-15.
  • Bacchetta, P., E. Van Wincoop (2003) “Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?”, NBER Working Paper Series, 9498, 1-49.
  • Berger, D.W., A.P. Chaboud, S.V. Chernenko, E. Howarka, J.H. Wright (2008) “Order Flow and Exchange Rate Dynamics in Electronic Brokerage System Data”, Journal of Economics, 75, 93-109.
  • Bhanumurthy, N.R. (2002) “Microstructures in the Indian Foreign Exchange Market”, http://www.olsendate.com/papers/2002/2_Bhanumurthy_MicroIndianFX.pdf, Erişim Tarihi: 08/01/2008.
  • Branson, W., D. Henderson (1985) “The Specification and Influence of Asset Markets”, Handbook of International Economics, 2, Amsterdam: North Holland.
  • Breedon, F., P. Vitale (2004) “An Empirical Study of Liquidity and Information Effects of Order Flow on Exchange Rates”, European Central Bank Working Paper Series, 424, 1-41.
  • Cerrato, N., N. Sarantis, A. Saunders (2011) “An Investigation of Customer Order Flow in the Foreign Exchange Market”, Journal of Banking and Finance, 35, 1892-1906.
  • Cheung, Y.W., M.D. Chinn (1999) “Macroeconomic Implications of the Beliefs and Behavior of Foreign Exchange Traders”, NBER Working Paper Series, 7417, 1-23.
  • Cheung, Y.W., C.Y.P. Wong (2000) “A Survey of Market Practitioners Views on Exchange Rate Dynamics”, Journal of International Economics, 51, 401- 419.
  • Cheung, Y.W., M.D. Chinn (2001) “Currency Traders and Exchange Rate Dynamics: A Survey of the US Market”, Journal of International Money and Finance, 20, 439-471.
  • Cheung, Y.M., M.D. Chinn, I.W. Marsh (2004) “How Do UK-Based Foreign Exchange Dealers Think Their Market Operates?”, International Journal of Finance and Economics, 9, 289-306.
  • Chionis, D., R. MacDonald (1997) “Some Tests of Market Microstructure Hypotheses in the Foreign Exchange Market”, Journal of Multinational Financial Management, 7, 203-229.
  • Chinn, M.D., M.J. Moore (2011) “Order Flow and the Monetary Model of Exchange Rates: Evidence from a Novel Data Set”, Journal of Money, Credit and Banking, 43(8), 1599-1624.
  • Danielsson, J., R. Payne, J. Luo (2002) “Exhange Rate Determination and Intermarket Order Flow Effects”, http://www9.georgetown.edu/faculty/evansm1/New%20Micro/DanPayneLui.pdf, Erişim Tarihi: 08/01/2008.
  • Danielsson, J., J. Luo, R. Payne (2011) “Exchange Rate Determination and Intermarket Order Flow Effects”, http://www.riskresearch.org/files/JD-JL- RP-28.pdf, Erişim Tarihi: 28/08/2013.
  • Dominguez, K.M.E. (2003) “The Market Microstructure of Central Bank Intervention”, Journal of International Economics, 59, 25-45.
  • Dominguez, K.M.E. (2006) “When do Central Bank Interventions Influence Intra-Daily and Longer-term Exchange Rate Movements?”, Journal of International Money and Finance, 25, 1051-1071.
  • Dornbusch, R. (1976) “Expectations and Exchange Rate Dynamics”, The Journal of Political Economy, 84(6), 1161-1176.
  • Dunne, P., H. Hau, M. Moore (2010) “International Order Flows: Explaining Equity and Exchange Rate Returns”, Journal of International Money and Finance, 29, 358-386.
  • Evans, M.D.D., R.K. Lyons (2001) “Why Order Flow Explains Exchange Rates”, http://irps.ucsd.edu/assets/006/5567.pdf, Erişim Tarihi: 02/06/2011.
  • Evans, M.D.D., R.K. Lyons (2002) “Order Flow and Exchange Rate Dynamics”, www.bis.org/publ/bppdf/bispop02j.pdf, Erişim Tarihi: 16/07/2013.
  • Evans, M.D.D., R.K. Lyons (2005a) “Understanding Order Flow”, NBER Working Paper Series, 11748, 1-34.
  • Evans, M.D.D., R.K. Lyons (2005b) “Meese-Rogoff Redux: Micro-Based Exchange Rate Forecasting”, The American Economic Review, 95(2), 405-414.
  • Evans, M.D.D., R.K. Lyons (2006) “Myths About the Micro Approach to Exchange http://www2.warwick.ac.uk/fac/soc/wbs/research/wfri/prog2005/esf/programm e/lyons _paper_myths.pdf, Erişim Tarihi: 18/08/2007.
  • Evans, M.D.D. (1999) “What are the Origins of Foreign Exchange Movements?”, http://www9.georgetown.edu/faculty/evansm1/wpapers_files/fx1.pdf, Erişim Tarihi: 16/08/2007.
  • Evans, M., R. Lyons (2004) “A New Micro Model of Exchange Rate Dynamics”, NBER Working Paper, 10379, March. Evans, M.D.D. (2007) “Foreign Exchange Market Microstructure”,
  • http://www9.georgetown.edu/faculty/evansm1/wpapers_files/tour.pdf,
  • Erişim Tarihi: 10/08/2007.
  • Evans, M.D.D., R.K. Lyons (2007) “Exchange Rate Fundamentals and Order Flow”, NBER Working Paper Series, 13151, 1-47.
  • Evans, M.D.D., R.K. Lyons (2008) “How is Macro News Transmitted to Exchange Rates”, Journal of Financial Economics, 88, 26-50.
  • Evans, M.D.D. (2010) “Order Flows and the Exchange Rate Disconnect Puzzle”, Journal of International Economics, 80, 58-71.
  • Evans, M.D.D., D. Rime (2010) “Micro Approaches to Foreign Exchange Determination”, https://www9.georgetown.edu/faculty/evansm1/, Erişim Tarihi: 07/12/2011.
  • Flood, R.P., A.K. Rose (1995) “Fixing Exchange Rates A Virtual Quest for Fundamentals”, Journal of Monetary Economics, 36(1), 3-37.
  • Frankel, J.A., A.K. Rose. (1995) “A Survey of Empirical Research on Nominal Exchange Rates”, CIDER Working Papers, C95-051.
  • Frömmel, M., A. Mende, L. Menkhoff (2008) “Order Flows, News and Exchange Rate Volatility”, Journal of International Money and Finance, 27, 904-1012.
  • Galac, T., A. Buric, I. Huljak (2006) “Microstructure of Foreign Exchange Market in Croatia”, Croatian National Bank, 15, 1-42.
  • Gereben, A.,G. Gyomai, N.M. Kiss (2005) “The Microstructure Approach to Exchange Rates: A Survey from A Central Bank’s Viewpoint”, Magyar Nemzeti Bank (MNB) Occasional Papers, 42, 1-41.
  • Iwatsubo, K., I.W. Marsh (2011) “Order Flows, Fundamentals and Exchange
  • http://www.econ.kabe-u.acjp/REPEC/koe/wpaper/2011/1120.pdf,
  • Erişim Tarihi: 09/12/2011.
  • Killeen, W.P., R.K. Lyons, M.J. Moore (2006) “Fixed Versus Flexible: Lessons from EMS Order Flow”, Journal of International Money and Finance, 25(4), 551-579.
  • King, M.R., C. Osler, D. Rime (2012) “The Market Microstructure Approach to Foreign http://www.brandeis.edu/economics/REPEC/brd/doc/Brandeis_WP54.pdf, Erişim Tarihi: 15/05/2013. Back and Looking Forward,
  • Kyle, A.S. (1985) “Continuous Auctions and Insider Trading”, Econometrica, 53(6), 1315-1335.
  • Loucha, Y., A.P. Laborda (2010) “Is Exchange Rate- Customer Order Flow Relationship Linear? Evidence from the Hungarian FX Market”, MNB Working Papers, 2010/10, 1-31.
  • Love, R., R. Payne (2002) “Macroeconomic News, order Flow and Exchange Rates”, http://faculty.haas.berkeley.edu/lyons/Love%20Payne20news%20order%20flo w.pdf, Erişim Tarihi: 10/01/2008.
  • Luo, J. (2001) “Market Conditions, Order Flow and Exchange Rates Determination”, http://faculty.haas.berkeley.edu/lyons/LuoorderflowLSE.pdf, Erişim Tarihi: 16/07/2013.
  • Lyons, R.K. (2001a) “The Microstructure Approach to Exchange Rates”, Cambridge, England: The MIT Press.
  • Lyons, R.K. (2001b) “Foreign Exchange: Macro Puzzles, Micro Tools, http://faculty.haas.berkeley.edu/lyons/pubabs/LyonsFRBSF.pdf, Erişim Tarihi: 16/07/2013.
  • Rime, D. (2000) “Private or Public Information in Foreign Exchange Markets? An Empirical Analysis, University of Oslo, Memorandum, 14, 1-45.
  • Rime, D. (2006) “Order Flow Analysis of Exchange Rates, Economics Bulletin, 77, 147-152.
  • Rime, D., L. Sarno, E. Sojli (2010) “Exchange Rate Forecasting, Order Flow and Macroeconomic Information, Journal of International Economics, 80, 72-88.
  • Marsh, I.W. (2011) “Order Flow and Central Bank Intervention: An Empirical Analysis of Recent Bank of Japan Actions in the Foreign Exchange Market”, Journal of International Money and Finance, 30, 377-392.
  • Makoena, T.M., R. Gupta, R. Van Eyden (2007) “Market Microstructure Approach to the Exchange Rate Determination Puzzle”, www.africametrics.org/documents/conference07/Day3/Session7/Macoenamicr ostructure.pdf , Erişim Tarihi: 15/05/2013.
  • Meese R.A., K. Rogoff (1983) “Empirical Exchange Rate Models of the Seventies, Do They Fit Out of Sample”, Journal of International Economics, 14, 3-24.
  • Neely, C.J., L. Sarno (2002) “How Well Do Monetary Fundamentals Forecast Exchange Rates?”, The Federal Reserve Bank of St. Louis, September/October, 51-74.
  • Nguyen, V.H., Y. Shin (2011) “Asymmetric Price Impacts of Order Flow on Exchange Rate Dynamics”, Melbourne Institute Working Paper Series, 14/11, 1-39.
  • Obstfeld, M., K. Rogoff (1995) “Exchange Rate Dynamics Redux”, Journal of Political Economy, 103(3), 624-60.
  • Osler, C. L. (2006) “Macro Lessons from Microstructure”, International Journal of Finance and Economics, 11(1), 55-80.
  • Sager, N.J., M.P. Taylor (2006) “Under the Microscope: The Structure of the Foreign Exchange Market”, Intenational Journal of Finance and Economics, 11, 81- 95.
  • Sarno, L., M.P. Taylor (2001) “The Microstructure of the Foreign Exchange Market: A Selective Survey of the Literature”, Princeton Studies in International Economics, 89, 1-66.
  • Smyth, N. (2009) “Order Flow and Exchange Rate Changes: A Look At the NZD/USD and AUD/USD”, Reserve Bank of New Zealand Discussion Paper Series, 2009/03, 1-42.
  • Vitale, P. (2004) “A Guided Tour of the Market Micro Structure Approach to Exchange Rate Determination”, http://faculty.haas.berkeley.edu/lyons/vitale%20Survey%20Micro%20. FX. pdf, Erişim Tarihi: 15/08/2007.
There are 63 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Burcu Berke

Publication Date December 30, 2014
Submission Date January 10, 2015
Published in Issue Year 2014

Cite

APA Berke, B. (2014). DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, 32(2), 27-56. https://doi.org/10.17065/huiibf.06200
AMA Berke B. DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. December 2014;32(2):27-56. doi:10.17065/huiibf.06200
Chicago Berke, Burcu. “DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi 32, no. 2 (December 2014): 27-56. https://doi.org/10.17065/huiibf.06200.
EndNote Berke B (December 1, 2014) DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 32 2 27–56.
IEEE B. Berke, “DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ”, Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, vol. 32, no. 2, pp. 27–56, 2014, doi: 10.17065/huiibf.06200.
ISNAD Berke, Burcu. “DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ”. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi 32/2 (December 2014), 27-56. https://doi.org/10.17065/huiibf.06200.
JAMA Berke B. DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2014;32:27–56.
MLA Berke, Burcu. “DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ”. Hacettepe Üniversitesi İktisadi Ve İdari Bilimler Fakültesi Dergisi, vol. 32, no. 2, 2014, pp. 27-56, doi:10.17065/huiibf.06200.
Vancouver Berke B. DÖVİZ KURLARINA MİKRO YAPI YAKLAŞIMI: BİR YAZIN İNCELEMESİ. Hacettepe Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi. 2014;32(2):27-56.

Dergiye yayımlanmak üzere gönderilecek yazılar Dergi'nin son sayfasında ve Dergi web sistesinde yer alan Yazar Rehberi'ndeki kurallara uygun olmalıdır.


Gizlilik Beyanı

Bu dergi sitesindeki isimler ve e-posta adresleri sadece bu derginin belirtilen amaçları doğrultusunda kullanılacaktır; farklı herhangi bir amaç için veya diğer kişilerin kullanımına açılmayacaktır.