A Market Microstructure Approach to the Foreign Exchange Market in Vietnam

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Title A Market Microstructure Approach to the Foreign Exchange Market in Vietnam
Author Nguyen, Tran Phuc; Nguyen, Tom
Publication Title 22nd Australasian Finance and Banking Conference 2009
Editor SSRN
Year Published 2009
Place of publication Rochester, NY
Publisher SSRN
Abstract Vietnam's foreign exchange (forex) market has remained relatively poorly developed despite more than two decades of general economic reform. This paper adopts a market microstructure approach to the investigation of possible reasons underlying this situation. The analysis suggests that the authorities have tended to place special emphasis on maintaining stability in the nominal VND/USD exchange rate, and have relied on a number of administrative measures to support such stability. In turn, stability/stickiness of the VND/USD rate has acted as a retardant in the development of the country's forex market. In particular, the role of commercial exchange rate quotes as accurate price signals has been materially reduced.
Peer Reviewed Yes
Published Yes
Publisher URI http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1460604
Conference name 22nd Australasian Finance and Banking Conference 2009
Location Sydney
Date From 2009-12-16
Date To 2009-12-18
URI http://hdl.handle.net/10072/31978
Date Accessioned 2010-03-09
Language en_AU
Faculty Griffith Business School
Subject Finance; Financial Economics
Publication Type Conference Publications (Full Written Paper - Refereed)
Publication Type Code e1

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