IMF Working paper-Exchange-Rate Dark Matter -continued

March 2, 2012--Summary: Dark matter accounts for 83 percent of the matter in the universe and plays a central role in cosmology modeling. This paper argues that an analogous form of dark matter plays a similarly important role in international macroeconomics.
Exchange-rate dark matter is invisible, but its existence can be inferred from observations on real exchange rates and interest rates. I first show that dark matter is the dominant driver of short- and medium-term changes in real exchange rates for the G-7 countries; accounting for more than 90 percent of the variance at the five-year horizon. I then develop a model in which risk shocks account for dark matter's role as a driver of exchange-rate dynamics and other macro variables.

view IMF working paper-Exchange-Rate Dark Matter

Source: IMF

Global ETP News
DECPG Global Weekly-March 17, 2017
March 17, 2017--Taking Stock
U.S. Federal Reserve raised interest rates. On March 15th, the U.S. Federal Reserve raised its benchmark federal fund rate by 25 basis points to a range of 0.75-1 percent, in line with market expectations.
read more
Print Article Have your say Email Article Citadel Securities to trade US Treasuries on Tradeweb
March 15, 2017-- Bloomberg and Tradeweb dominate e-trading of US Treasuries between investors and dealers
Chicago-based broker dealer Citadel Securities will begin trading US government bonds on electronic venue Tradeweb.
read more
Buy-side brush off blockchain for AI technology
March 14, 2017--Investment professionals see AI technology as more disruptive for the industry than blockchain.
read more
When Harry Fired Sally: The Double Standard in Punishing Misconduct
March 13, 2017--Abstract
We examine gender discrimination in the financial advisory industry. We study a less salient mechanism for discrimination, firm discipline following missteps.
read more
Hedge funds run by women outperform
March 11, 2017--But fewer than one in 20 alternative managers employ a female portfolio manager.
read more
World Gold Council-Gold-backed ETF inflows gather momentum in February, up 4% MoM to 2,246.1t
March 10, 2017--At the end of February, total holdings in gold-backed ETFs and similar products stood at 2,246.1t (72.2 moz), up 90.6t from January.
read more
World Economic Forum-The Future of Electricity: New Technologies Transforming the Grid Edge
March 10, 2017--The electricity landscape is a prime example of the Fourth Industrial Revolution as it undergoes a transformation, becoming more complex than ever before with rapidly evolving technologies, declining costs, and shifting regulatory landscapes.
read more
DECPG Global Weekly -March 10, 2017
March 10, 2017--TAKING STOCK
U.S. non-farm jobs growth remained steady in February
Euro Area growth was confirmed at 0.4 percent (q/q, sa) in Q4; ECB kept interest rates on hold
read more
ETFGI reports ETFs/ETPs listed globally gathered record inflows of US$68 billion and assets reached a new high of US$3.844 trillion at the end of February 2017
March 9, 2017--ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reported today following on from January's strong start to the year assets invested in ETFs/ETPs listed globally reached a new record high of US$3.844 trillion at the end February 2017 surpassing the prior record of US$3.689 trillion set at the end of January 2017.
read more
STOXX Monthly Index News: Trump's Promises Still Move Global Markets
March 9, 2017--The rally in global equity markets has continued in February with key benchmarks inching closer to their record highs. Strong economic data around the world were improving the outlook for global growth.
read more
Goldman Sachs' lessons from the 'quant quake'
March 8, 2017--Nearly 10 years after its nadir, quantitative investing is again the hot trend in finance
read more
To Unlock Potential of Digital Age, Europe Must Go Beyond Internet Access, Says World Bank
March 7, 2017-Countries in the European Union (EU) must enact policies designed to better help workers adapt to new jobs being created by the internet if they want to avoid increasing inequality and exclusion in the region, notes a new World Bank Report.
read more
State Street to Start Voting Against Companies That Don't Have Women Directors
March 7, 2017--Firms won't have an exact quota for compliance with State Street's mandate, but must prove they attempted to improve a lack of diversity.
read more
AI technology to replace 90,000 buy-side jobs by 2025
March 7, 2017--New report predicts artificial intelligence will replace 230,000 jobs across capital markets globally by 2025.
read more
STOXX Licenses Next Generation Of Low Carbon Indices To Scandinavian Asset Owner
March 7,2017--STOXX Ltd., the operator of Deutsche Boerse Group's index business, and a global provider of innovative and tradable index concepts, today introduced the STOXX Climate Impact and STOXX Climate Awareness Indices.
read more
IMF Working paper-The Volatility of Capital Flows in Emerging Markets: Measures and Determinants
March 7, 2017--Summary:
Capital flow volatility is a concern for macroeconomic and financial stability. Nonetheless, literature is scarce in this topic. Our paper sheds light on this issue in two dimensions. First, using quarterly data for 65 countries over the period 1970Q1-2016Q1, we construct three measures of volatility, for total capital flows and key instruments.
read more
IOSCO finds little evidence of declining secondary corporate bond market liquidity
March 7, 2016--A report published today by the Board of the International Organization of Securities Commissions (IOSCO) has found no substantial evidence showing that liquidity in the secondary corporate bond markets between 2004 and 2015 has deteriorated markedly from historic norms for non-crisis periods.
read more
Modest pick-up in global growth but risks and vulnerabilities could derail recovery
March 7, 2017--Global economic growth is expected to pick up modestly next year to around 3.6 % from a projected 3.3% in 2017 but risks of rising protectionism, financial vulnerabilities, potential volatility from divergent interest rate paths and disconnects between market valuations and real activity hang over the outlook, according to the OECD.
read more
ETFGI Reports The Global ETF/ETP Industry Grew Faster Than The Global Hedge Fund Industry During 2016
March 6, 2017--ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, reports today: that during 2016 the global ETF/ETP industry grew faster than the global hedge fund industry.
read more
The correlation between USD and commodities is now gone: Citi
March 6, 2017--It's a given in the market that there's an inverse relationship between dollar strength and the price of commodities, but Citi Research argues that correlation is now gone.
read more
BIS March 2017 BIS Quarterly Review: Beyond swings in risk appetite
March 6, 2017--Investors have started to discriminate more across asset classes, regions and sectors as they try to make sense of the implications of a changing political environment, in contrast to the cross-asset herd behaviour that characterised markets in recent years.
read more
ETF Securities Weekly Flows Analysis- Rate hike probability drives gold outflows
March 6, 2017--Investors sell gold as hawkish Fed sends the price lower
Technology themed equity ETPs continue to gain favour
Buying crude oil on price dips
read more
Deutsche Bank refines strategy and announces capital increase
March 5, 2017--Capital Ratio (CET1 fully loaded) target of comfortably above 13 percent
Intended capital increase of approximately 8 billion euros from the issuance of new shares with subscription rights
Up to 2 billion euros of additional capital accretion targeted in next two years from asset disposals and a flotation of minority stake of Deutsche Asset Management
read more
The world's biggest stock index turns 60 on Saturday
March 3, 2017--The S&P 500 Index officially launched 60 years ago on March 4th, 1957. While the Dow Jones Industrial Average-which started way back in 1885-is the most well-known reference point for the state of the stock market, the S&P 500 is far and away the gold standard for investors.
read more
Deutsche Boerse taps the US commodity market
March 3, 2017--The commodity arm of Deutsche Börse Group, European Energy Exchange (EEX), has reached an agreement in principle with the shareholders of Nodal Exchange Holdings, LLC-a US regulated futures exchange, headquartered in Virginia-on the purchase of all shares.
read more
DECPG Global Weekly-March 3, 2017
March 3, 2017--TAKING STOCK
U.S. PCE inflation rate moved closer to the Federal Reserve's target; jobless claims continued to fall
Euro Area manufacturing PMI reached its highest level since 2011; inflation hit 2 percent
Japan's industrial production contracted in January; core consumer prices rose for the first time in over a year
read more
ETF Securities Precious Metals Monitor-February 2017
March 3, 2017--Key Highlights
Deficits, delays and debt discussions could weigh on market optimism
The Trump rally continued its march this month with the S&P 500 rising 4.0% and indices hitting record levels.
read more
Buy-side brace for further regulatory scrutiny
March 3, 2017--Regulators are set to shift focus from large banks to asset managers, according to a recent report.
read more
FIA: Position limits rule needs more study and hedging exemptions
March 2, 2017--FIA has submitted comments urging the Commodity Futures Trading Commission (CFTC) to assess whether position limits are needed and to expand exemptions for hedging activities before setting any new federal position limits.
read more
WisdomTree: Don't let roll yield erode your commodity returns
March 2, 2017--In this two-part series, we will look into the two key drivers that can affect an optimised rolling commodity strategy -changing market conditions arising from policy pressures and seasonality.
read more
Deutsche Boerse has sold its remaining stake in Bats Global Markets
March 2, 2017--Deutsche Boerse has offloaded its remaining shareholding in Bats Global Markets.
read more
One bitcoin is now worth more than one ounce of gold
March 2, 2017--For the first time ever, the price of one bitcoin has surpassed the price of one ounce of gold.
read more
IMF F&D Magazine Examines "Growth Conundrum"
March 2, 2017--In this issue:
Whither Economic Growth?
The global optimism at the turn of the century has been replaced by fear of long-term stagnation.
read more
World Economic Forum-Shaping the Future of Construction: Inspiring innovators redefine the industry
March 1, 2017--3D-printed houses, automatically designed hospitals, prefabricated skyscrapers-futuristic dreams are now a reality, according to a new report from the World Economic Forum.
read more
Treatment of Qatar within FTSE Global Equity Index Series Update
March 1, 2017--Treatment of Qatar within FTSE Global Equity Index Series Update
Further to the "Treatment of Qatar within FTSE Global Equity Index Series" notification released on Friday, 17 February 2017, regarding the second 50% tranche of Qatar transitioning to Secondary Emerging market status within FTSE Global Equity Index Series, please note that the following two Qatari securities will not be doubling their current investability weight:
read more
2017 Ring the Bell for Gender Equality
March 1, 2017--In celebration of International Women's Day (8 March 2017), the Sustainable Stock Exchanges initiative is pleased to announce that 40 stock exchanges will host a bell ringing ceremony to raise awareness of the pivotal role the private sector can play in advancing gender equality to achieve the UN's SDG 5.
read more
STOXX changes composition of benchmark indices
February 28, 2017--STOXX Ltd., the operator of Deutsche Boerse Group's index business, and a global provider of innovative and tradable index concepts, today announced the new composition of STOXX Benchmarks and their sub and sector indices, among them the STOXX Europe 600 Index, STOXX North America 600 Index and STOXX Asia/Pacific 600 Index.
read more
BetaShares-Global Market Outlook: March 2017-Equities looking over extended
February 28, 2017--Global equities made gains in February with an improving economic outlook, however, once the details of President Trump's fiscal stimulus is clear, there may be a pull back.
read more
ETFGI reports assets invested in smart beta equity ETFs/ETPs listed globally reached a new record high US$534 billion at the end of January 2017
February 28, 2017--ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, today reported assets invested in smart beta equity ETFs/ETPs listed in globally reached a new record high US$534 billion at the end of January 2017, according to data from ETFGI's January 2017 global smart beta equity ETF and ETP industry insights report.
read more
Infographic- Is Short Selling Stocks Worth It?
February 28, 2017--When you go long, you are betting on that particular company's success. You are hoping that the market values the stock higher in the future than they do today. Then, when you sell your stake in the company, you'll realize those gains for a profit.
read more
ETFGI reports assets invested in active ETFs/ETPs listed globally reached a new record high of US$46 billion at the end of January 2017
February 28, 2017--ETFGI, the leading independent research and consultancy firm on trends in the global ETF/ETP ecosystem, today reported assets invested in active ETFs/ETPs listed globally reached a new record high of US$46 billion at the end of January 2017, according to data from ETFGI's January 2017 global active ETF and ETP industry insights report.
read more
ETF Securities Commodity Research: Copper outlook 2017: eighth year of supply deficit
February 28, 2017--Summary
Investor optimism for copper has been buoyed by miner outages representing close to 12% of global capacity.
read more
Distributed ledgers in payment, clearing and settlement carry promise as well as risks
February 27, 2017--Central banks and other authorities should weigh the risks of using blockchain and other distributed ledger technology (DLT) in payment, clearing and settlement against potential cost and efficiency savings offered by the technology, says a report by the Committee on Payments and Market Infrastructures, the global standard setter for payment, clearing and settlement services.
read more
Progress checked: buy side still struggling to join up analytics
February 27, 2017--In asset management, the functions of performance measurement, performance attribution, ex post and ex ante risk analysis developed along separate lines and with separate teams, methodologies and systems.
read more
Solactive Launches Solactive US Preferred Share Select Index And Solactive US Preferred Share Select Hedged To CAD Indexv
February 24, 2017--Licensed To BMO Global Asset Management As The Underlying Indices For The BMO US Preferred Share Index ETF (ZUP) And The BMO US Preferred Share Hedged To CAD Index ETF (ZHP).
read more
DECPG Global Weekly-February 24, 2017
February 24, 2017--Taking Stock
U.S. Federal Reserve minutes suggested that the Fed could raise interest rates sooner than expected. The minutes of the Federal Open Market Committee (FOMC) meeting, held on January 31-February 1, 2017, showed that Federal Reserve officials discussed the impact of tax cuts, deregulation and higher domestic spending under the new U.S. administration.
read more
STOXX changes composition of benchmark indices
February 23, 2017--Results of the first regular quarterly review to be effective Mar. 21, 2016
read more
ETF Securities Investment Insights Solar remains a bright spot for silver demand
February 23, 2017--Key points
Silver demand for solar panels is a growing segment of its industrial demand with record levels expected in 2018.
Economies of scale and falling costs may make economics a key driver for growing US solar market beyond policy.
read more
Statement on Variation Margin Implementation
February 23, 2017--The Board of the International Organization of Securities Commissions (IOSCO) acknowledges the challenges facing some market participants working to complete the necessary documentation and processes to be in full compliance with variation margin requirements, which are scheduled to take effect by 1 March 2017 in accordance with minimum standards established by IOSCO and the Basel Committee on Banking Supervision (BCBS) and implemented under domestic laws in various jurisdictions.
read more
Infographic-The $74 Trillion Global Economy in One Chart
February 22, 2017--The latest GDP numbers from the World Bank were released earlier this month, and today's visualization from breaks them down to show the relative share of the global economy for each country.
read more
Bullish Trump trade dominates S&L markets in January says Wisdom Tree
February 22,2017--Markets are backing Donald Trump. Investors piled into leveraged long US equities at the expense of short positions in January amidst mounting expectations that President Trump would unveil a series of pro-growth policies following his inauguration, the latest figures from WisdomTree show.
read more
Investors Are Charging Into Emerging Market ETFs
February 21, 2017--More than $7 billion has flowed into EM funds in 2017
Buyers attracted to sector's strong fundamentals, cheap assets
read more
First Bridge-'ETF 20/20'-Global ETF Snapshot Report
February 21, 2017--In our latest monthly report:
There was a record $42.2B of net inflows into ETFs listed in the US in January 2017.
read more
Policy Uncertainty Weighs on World Trade
New evidence links policy uncertainties in developed countries to anemic trade in 2016
February 21, 2017--Global trade growth continued to be slow for the fifth consecutive year, with 2016 showing the weakest trade performance since the 2008-2009 global financial crisis.
read more
New Report Outlines Actions to Leverage Islamic Finance for Development
February 21, 2017--The World Bank Group and the Islamic Development Bank published the first Global Report on Islamic Finance, which details the prospects for the global Islamic finance industry and its potential to help reduce worldwide income inequality, enhance sharing prosperity, and achieve the Sustainable Development Goals.
read more
Regulators urged to close share trade loophole
February 21, 2017--Fears that new rule will backfire to promote dark pools instead of public exchanges
read more
IMF-Ensuring Financial Stability in Countries with Islamic Banking
February 21, 2017--Islamic banking (IB) continues to grow rapidly, in size and complexity, posing a challenge to supervisory authorities and central banks. While accounting for a small share of global financial assets, IB has established a presence in more than 60 countries and has become systemically important in 14 jurisdictions.
read more
R3 set to unveil blockchain for syndicated loan trades
February 21, 2017--Credit Suisse, US Bank and others to showcase results in March; no update on Digital Asset and JP Morgan project.
read more