The money changers: a guided tour through global currency markets

Abstract

* 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 * Episode 1: Spring and Summer 2002 * Episode 2: The Buildup to War * Episode 3: Fall of 2003 * Episode 4: 2004 Presidential Elections and their Aftermath * Relief for the Dollar: Spring and Summer 2005 * 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