| 来源类型 | Discussion paper |
| 规范类型 | 论文 |
| 来源ID | DP16044 |
| DP16044 Technology and the geography of the foreign exchange market | |
| Barry Eichengreen; Romain Lafarguette; Arnaud Mehl; Massimo Minesso Ferrari | |
| 发表日期 | 2021-04-16 |
| 出版年 | 2021 |
| 语种 | 英语 |
| 摘要 | We analyze the impact of technology on the production and trade in services, focusing on the location of foreign exchange transactions and the effect of submarine fiber-optic cable connections. Cable connections between local markets and major financial centers reduce the costs of trading currencies locally and increase the share of currency transactions taking place in the issuing country. But they also attenuate the effect of existing spatial frictions that prevent transactions from moving offshore to take advantage of agglomeration economies and thick-market advantages of major financial centers. In practice, this second effect dominates. Our estimates suggest that the advent of cable connections boosted the share in global turnover of London, the world’s largest trading venue, by as much as one-third. |
| 主题 | International Macroeconomics and Finance |
| 关键词 | Technology Geography Foreign exchange market Submarine fiber-optic cables |
| URL | https://cepr.org/publications/dp16044 |
| 来源智库 | Centre for Economic Policy Research (United Kingdom) |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/545024 |
| 推荐引用方式 GB/T 7714 | Barry Eichengreen,Romain Lafarguette,Arnaud Mehl,et al. DP16044 Technology and the geography of the foreign exchange market. 2021. |
| 条目包含的文件 | 条目无相关文件。 | |||||
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