This text brings together a number of research studies, all of which examine the behaviour of foreign exchange rates. The main focus of the collection is on empirical characterization of high-frequency exchange rate data. The pioneering studies demonstrate and explain, amongst other things, the regular patterns in intra-day foreign exchange rate activity, the effects of macroeconomic news of rates and analyze the profitability of technical trading rules in these markets. The collection should be of use to students, academics and practitioners who are interested in exchange rate dynamics.

The most successful economies have the best working financial markets. While causation obviously runs in both directions, current research has increasingly emphasized the role of finance in promoting growth. Here seven leading financial economists explore the links between financial development and growth. The book seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro-financial institutions.

The most successful economies have the best working financial markets. While causation obviously runs in both directions, current research has increasingly emphasized the role of finance in promoting growth. Here seven leading financial economists explore the links between financial development and growth. The book seeks to answer the question of the role of finance in promoting sustainable growth and in the reduction of poverty, for example via micro-financial institutions.

Although the current day-to-day operations of Central Banks are subject to continuous comment and frequent criticism, their structural role within the economic system as a whole is generally accepted without much question and despite several attempts to challenge the value of the institution made by economists in recent decades. Professor C.A.E. Goodhart is ideally positioned to assess the role of the Central Bank being equally familiar with the theoretical arguments and with the actual working of central banks. Part 1 analyses the general purposes and functions of the Central Bank within the financial system and their evolution over time, Part 2 concentrates on the current objectives and operations of Central Banks, the maintenance of price stability in particular, and Part 3 analyses the broader issues of financial regulation. This book, providing a thorough and clear discussion of the questions connected with the role of the Central Bank in a modern financial system, will prove indispensable for students, academics and practitioners.