dc.contributor.author | Bjønnes, Geir Høidal | |
dc.contributor.author | Rime, Dagfinn | |
dc.contributor.author | Solheim, Haakon | |
dc.date.accessioned | 2018-05-18T10:09:25Z | |
dc.date.available | 2018-05-18T10:09:25Z | |
dc.date.issued | 2004 | |
dc.identifier.isbn | 82-7553-262-0 | |
dc.identifier.isbn | 82-7553-263-9 | |
dc.identifier.issn | 0801-2504 | |
dc.identifier.issn | 1502-8143 | |
dc.identifier.uri | http://hdl.handle.net/11250/2498541 | |
dc.description.abstract | We presents evidence that non-financial customers are the main liquidity providers in the overnight foreign exchange market using a unique daily data set covering almost all transactions in the SEK/EUR market over almost ten years. Two main findings support this: (i) The net position of non-financial customers is negatively correlated with the exchange rate, opposed to the positive correlation found for financial customers; (ii) Changes in net position of non-financial customers are forecasted by changes in net position of financial customers, indicating that non-financial customers take a passive role consistent with liquidity provision. | nb_NO |
dc.language.iso | eng | nb_NO |
dc.publisher | Norges Bank | nb_NO |
dc.relation.ispartofseries | Working Papers;13/2004 | |
dc.rights | Attribution-NonCommercial-NoDerivatives 4.0 Internasjonal | * |
dc.rights.uri | http://creativecommons.org/licenses/by-nc-nd/4.0/deed.no | * |
dc.subject | JEL: F31 | nb_NO |
dc.subject | JEL: F41 | nb_NO |
dc.subject | JEL: G15 | nb_NO |
dc.subject | microstructure | nb_NO |
dc.subject | international finance | nb_NO |
dc.subject | liquidity | nb_NO |
dc.title | Liquidity Provision in the Overnight Foreign Exchange Market | nb_NO |
dc.type | Working paper | nb_NO |
dc.description.version | publishedVersion | nb_NO |
dc.subject.nsi | VDP::Samfunnsvitenskap: 200::Økonomi: 210::Samfunnsøkonomi: 212 | nb_NO |
dc.source.pagenumber | 33 | nb_NO |