Titel: The Money Changers: A Guided Tour Through Global Currency Markets
Autor/en: Robert G. Williams
ZED BOOKS LTD
Juli 2006 - kartoniert - 286 Seiten
Currency markets, worth almost $2 trillion per day in trade, link the world together. Yet few people know how they work and why they are prone to instability and bouts of panic. This book, neither a technical manual nor a get-rich-quick tract, takes the reader on a guided tour of the places, the machines, the circuitry and the people involved in moving the world's money. From the simple to the complex, currency traders, market analysts, money managers and payments systems architects show their workplaces and reveal their day-to-day experiences. The book will give the reader a graphic picture of the geographical and structural organization of global currency markets and the people who operate them. The tour through the volatile and rapidly evolving world of the money changers provides a basic orientation for deciphering complex causes of yet unforeseen financial events.
Introduction: Encounter with a Moneychanger 1. A Glance at Foreign Exchange at Breakfast 2. A Visit to the Local Bank: What Do Money Changers Buy and Sell? 3. How Do Money Changers Arrange Deals? 4. Who Are the Actors in the World's Biggest Market? 5. Where Deals are Made: Historical Geography of Money Changer Enclaves Why Do Money Changers Cluster Where They Do? Paradox of Clustering in a Computer-linked World 6. Professor Smith Gets FX'd in Tokyo: Could He Have Profited from a Currency Forecast? 7. Inside the Trading Room: Philosophies behind Trading Strategies Vision No. 1: "It's All Supply and Demand" Vision No. 2 : "It's All Fundamentals" Vision No. 3: "It's All Technical" 8. Behind the Fish Tank: What Causes Rates to Change? 9. How Currencies are Delivered: Snapshot of an Evolving System A Visit with a Payments Systems Expert Appendix to Chapter 9: Diagrammatic Notes on Currency Delivery Channels 10. The Big Apple: Electronic Dollar Deliveries through CHIPS 11. Time to Settle Up: CHIPS Closes the International Dollar Day at the New York Fed 4:30-5:00 pm CHIPS Upgrades to Real Time Final Settlement 2001 Finally, a Delivery System Safe from Foreign Exchange Settlement Risk: Continuous Linked Settlement Bank begins in 2002 Lessons of September 11, 2001 for Global Payments 12. In the City of London after the Russian Default: Anatomy of Currency Storms of the 1990s? 13. The Euro in its Infancy Prologue The Potential of the Euro as a World Currency The Euro-Revolution in Stocks and Bonds The Transition of the Real Economy to Euro 14. Doubts about the Euro and the new Central Bank A European Central Banker Waits on the Sidelines Doubts about TARGET, the Official Euro Payments System Reflections on the Future of the World Monetary System Wrap-up Session with Walter Blass Update Appendix: Euro Developments after the 1999 London Interviews 15. Testing the Dollar's Hegemony: Will the Adjustments be Smooth? Source of the Dollar Doubts: How long will Foreigners Finance US Overspending? Dollar Testing Episodes and the Evolution of Market Stories A Smooth or Turbulent Adjustment: Greenspan vs Volcker The Run on the Dollar in the Late 1970s The Political Economy of Sterling's Decline as Global Currency Long-run Lessons for the Dollar's Loss of Hegemony A Hopeful Conclusion
Robert G. Williams is Voehringer Professor of Economics at Guilford College. Originally a Central Americanist scholar, he turned his attention to world currency markets in 1995.His previous books include States and Social Evolution - Coffee and the Rise of National Governments in Central America (UNC Press 1994).
'This is a nontechnical exploration into the mechanics of the foreign exchange market, which Williams nicely motivates by starting with an ordinary retail transaction--an ATM withdrawal of local currency in a foreign country--and tracing it through the wholesale foreign exchange markets to show what actually happens. In doing so, the author provides an intuitive way to explore the most important and arguably the most efficient market in the world, which makes international trade, investment, and financial transfers possible. The discussion is up-to-date, and the use of dialogue makes the book very accessible...Highly recommended' - Choice Magazine