Nber Working Paper Series Cables, Sharks and Servers
NBER WORKING PAPER SERIES CABLES, SHARKS AND SERVERS: TECHNOLOGY AND THE GEOGRAPHY OF THE FOREIGN EXCHANGE MARKET Barry Eichengreen Romain Lafarguette Arnaud Mehl Working Paper 21884 http://www.nber.org/papers/w21884 NATIONAL BUREAU OF ECONOMIC RESEARCH 1050 Massachusetts Avenue Cambridge, MA 02138 January 2016, Revised April 2021 We are grateful to Mark Aguiar, Pol Antràs, Thorsten Beck, Geert Bekaert, Bruno Biais, Jérôme Busca, Estelle Cantillon, Giancarlo Corsetti, Alexander Duering, Torsten Ehlers, Benoît Geller, Jérôme Héricourt, Jean Imbs, Takatoshi Ito, Amit Khandelwal, Philip Lane, Istvan Mak, Guy- Charles Marhic, Philippe Martin, Martin Uribe, Frank Packer, Hashem Pesaran, Romain Rancière, Andrew Rose, Alan Taylor and Xavier Vives for comments and discussions, as well as to seminar participants at the ECB, Goethe University Frankfurt and USC Dornsife and to participants at the Clausen Center Conference on Global Economic Issues, Berkeley, and to the Cambridge-INET conference on the microstructure of the FX market for comments. We thank Ziqi Li for excellent research assistance. We are also grateful to Denis Pêtre and Philip Wooldridge for providing unpublished Bank for International Settlements data on offshore foreign exchange trading. The views expressed are those of the authors and do not necessarily reflect those of the ECB, the Eurosystem, the IMF, or the National Bureau of Economic Research. NBER working papers are circulated for discussion and comment purposes. They have not been peer-reviewed or been subject to the review by the NBER Board of Directors that accompanies official NBER publications. © 2016 by Barry Eichengreen, Romain Lafarguette, and Arnaud Mehl. All rights reserved. Short sections of text, not to exceed two paragraphs, may be quoted without explicit permission provided that full credit, including © notice, is given to the source.
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