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022 _a10168737
040 _aMSU
_bEnglish
_cMSU
_erda
050 0 0 _aHB1A1 INT
100 1 _aOzdemir, Nilufer
_eauthor
245 1 0 _aMarket structure, excess returns in the foreign exchange market and deviations from uncovered interest parity
_ccreated by Nilufer Ozdemir
264 1 _aAbingdon:
_bTaylor and Francis,
_c2013
336 _2rdacontent
_atext
_btxt
337 _2rdamedia
_aunmediated
_bn
338 _2rdacarrier
_avolume
_bnc
440 _aInternational economic journal
_vVolume 27, number 4
520 3 _aThis paper contributes to the uncovered interest parity literature by analyzing the role of financial market concentration in determining deviations from the uncovered interest parity condition. The theoretical section of the paper demonstrates that countries with concentrated financial markets will increase their welfare by discouraging financial flows through their manipulation of domestic interest rates. The empirical results support this finding and indicate that the correlation between financial flows and excess returns changes when the concentration ratio is above 0.68. This article suggests that the recent increases in banking sector concentrations around the world are likely to limit international financial flows and this will have welfare implications in countries with concentrated and competitive financial markets.
650 _aFinancial market integration
_vUncovered interest parity
_xEmerging markets, Bank concentration , Interest rate parity
856 _uhttps://doi.org/10.1080/10168737.2012.708050
942 _2lcc
_cJA
999 _c165439
_d165439