Alberto Giovannini

Jeffrey A. Frankel

Giampaolo Galli

The foreign exchange market is the largest, fastest-growing financial market in the world. Yet conventional macroeconomic approaches do not explain why people trade foreign exchange. At the same time, they fail to explain the short-run determinants of the exchange rate. These nine innovative essays use a microstructure approach to analyze the workings of the foreign exchange market, with special emphasis on institutional aspects and the actual behavior of market participants. They examine the volume of transactions, heterogeneity of traders, the time of day and location of trading, the bid-ask spread, and the high level of exchange rate volatility that has puzzled many observers. They also consider the structure of the market, including such issues as nontransparency, asymmetric information, liquidity trading, the use of automated brokers, the relationship between spot and derivative markets, and the importance of systemic risk in the market. This timely volume will be essential reading for anyone interested in the economics of international finance.

The Microstructure of Foreign Exchange Markets

This important volume describes the wide-ranging scientific activities of Léon Van Hove, through commentaries by his colleagues and a selection of his most influential papers and documents. The reprinted papers are grouped by topic, starting from his early work in mathematics and theoretical and statistical physics, up to his very last contributions in elementary particle physics and multiparticle dynamics. Van Hove's career as teacher, director and science advisor in many European institutions is presented in sketches by friends and coworkers. A selection of his speeches and documented thoughts on science completes the volume. Contents:Part 1:Selected papers on lattice dynamics and neutron scattering (commentary by N Gidopoulos & S W Lovesey)selected papers on perturbation theory of large quantum systems (commentary by N M Hugenholtz) and on an extension of the Lee-model (commentary by Th W Ruijgrok)selected papers on equilibrium statistical mechanics (commentary by R Balescu & I Prigogine) and on non-equilibrium statistical mechanics (commentary by T Petrosky & I Prigogine)from neutrons to quarks (J J J Kokkedee)selected papers on longitudinal phase space analysis (commentary by W Kittel)selected papers on high energy collisions and internal hadron structure (commentary by A Bialas)selected papers on ultrarelativistic heavy ion collisions (commentary by M Jacob)selected papers on multihadron production and QCD parton showers (commentary by A Giovannini)from particles to stars to astroparticles (commentary by G Setti)Part 2:Léon Van Hove in Utrecht (N M Hugenholtz & Th W Ruijgrok)Léon Van Hove at CERN (F Bonaudi, M Jacob, E Gabathuler & V Soergel)Léon Van Hove at Max-Planck-Institut in Munich (N Schmitz)Léon Van Hove at the European Space Agency (R M Bonnet)Part 3:The man in his own words (M Van Hove) Readership: Undergraduates and researchers in physics. Keywords:Multiparticle Dynamics;Theoretical Physics;Statistical Physics;Particle Physics;Nuclear Physics;Astrophysics;Mathematical Physics

Alberto Giovannini

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