期刊名称：Dresden Discussion Paper Series in Economics / Dresden University of Technology, Faculty of Business Management and Economics
印刷版ISSN：0945-4829
出版年度：2003
卷号：1
出版社：Dresden
摘要：In this paper we study the impact of more transparency in the foreign exchange market on the ex ante expected volume
of international trade. Transparency is measured by the informational content of publicly observable signals correlated
to the random exchange rate. We find that more transparency may increase or decrease the volume of international
trade. In particular, the impact of more transparency depends the curvature of the marginal cost function of the firms.
Furthermore, ex ante expected profits of the firms are higher when the foreign exchange market is more transparent.
