TRADING VOLUMES, VOLATILITY AND SPREADS （交易量,波动性和传播）.pdf

BIS WORKING PAPERS No 93 – October 2000 TRADING VOLUMES, VOLATILITY AND SPREADS IN FOREIGN EXCHANGE MARKETS: EVIDENCE FROM EMERGING MARKET COUNTRIES by Gabriele Galati BANK FOR INTERNATIONAL SETTLEMENTS Monetary and Economic Department Basel, Switzerland BIS Working Papers are written by members of the Monetary and Economic Department of the Bank for International Settlements, and from time to time by other economists, and are published by the Bank. The papers are on subjects of topical interest and are technical in character. The views expressed in them are those of their authors and not necessarily the views of the BIS. Copies of publications are available from: Bank for International Settlements Information, Press Library Services CH-4002 Basel, Switzerland Fax: +41 61 / 280 91 00 and +41 61 / 280 81 00 This publication is available on the BIS website (). © Bank for International Settlements 2000. All rights reserved. Brief excerpts may be reproduced or translated provided the source is stated. ISSN 1020-0959 BIS WORKING PAPERS No 93 – October 2000 TRADING VOLUMES, VOLATILITY AND SPREADS IN FOREIGN EXCHANGE MARKETS: EVIDENCE FROM EMERGING MARKET COUNTRIES by Gabriele Galati* Abstract This