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Handbook of Exchange Rates is an impressive compilation of research from more than thirty-five leading researchers and experts on the topic. The book is clearly organized into five succinct sections that explore the foreign exchange (FX) market, from its background and economic foundation to current practices, obstacles, and policies in the modern foreign exchange market. Part I presents an overview of the history of the FX market and exchange rate regimes, the key instruments/players in the FX trading environment, and both macro and micro approaches to FX determination. Next, Part II focuses on forecasting exchange rates, featuring methodological contributions on the sstatistical methods for evaluating forecast performance, parity relationships, fair value models, and flow-based models. Part III treats FX as an asset class, outlining active currency management, currency hedging, hedge accounting, high frequency and algorithmic trading in FX, and FX strategy-based products. Part IV discusses products and pricing in FX, the FX options market, and volatility derivatives. Finally, the book concludes with a section on FX markets and policy, prediction and management of FX crises, FX regimes and policy; regulation in FX market that also features discussion of the effects of exchange rate regime choice on international trade. Each chapter follows the same easy-to-follow format. Following an introduction, a description of theory is presented along with key formulae. Next, the discussed theory is applied to a real data set and accompanied with illustrative descriptions. Exercises and real-world examples from the finance industry are spread throughout each chapter, and a summary provides a brief overview of main points and concepts.

Part One: Overview
Chapter 1 Foreign Exchange Market Structure, Players, and Evolution (pages 1–44)
Michael R. King, Carol Osler and Dagfinn Rime
Chapter 2 Macro Approaches to Foreign Exchange Determination (pages 45–71)
Menzie Chinn
Chapter 3 Micro Approaches to Foreign Exchange Determination (pages 73–110)
Martin D. D. Evans and Dagfinn Rime
Chapter 4 The Exchange Rate in a Behavioral Finance Framework (pages 111–132)
Paul De Grauwe and Pablo Rovira Kaltwasser
Chapter 5 The Evolution of Exchange Rate Regimes and Some Future Perspectives (pages 133–158)
Paul R. Masson
Part Two: Exchange Rate Models and Methods
Chapter 6 Purchasing Power Parity in Economic History (pages 159–187)
Lawrence H. Officer
Chapter 7 Purchasing Power Parity in Tradable Goods (pages 189–220)
Ian W. Marsh, Evgenia Passari and Lucio Sarno
Chapter 8 Statistical and Economic Methods for Evaluating Exchange Rate Predictability (pages 221–263)
Pasquale Della Corte and Ilias Tsiakas
Chapter 9 When Are Pooled Panel-Data Regression Forecasts of Exchange Rates More Accurate than the Time-Series Regression Forecasts? (pages 265–281)
Nelson Mark and Donggyu Sul
Chapter 10 Carry Trades and Risk (pages 283–312)
Craig Burnside
Chapter 11 Currency Fair Value Models (pages 313–342)
Gino Cenedese and Thomas Stolper
Chapter 12 Technical Analysis in the Foreign Exchange Market (pages 343–373)
Christopher J. Neely and Paul A. Weller
Chapter 13 Modeling Exchange Rates with Incomplete Information (pages 375–390)
Philippe Bacchetta and Eric van Wincoop
Chapter 14 Exchange Rates in a Stochastic Discount Factor Framework (pages 391–420)
Hanno Lustig and Adrien Verdelhan
Chapter 15 Volatility and Correlation Timing in Active Currency Management (pages 421–447)
Pasquale Della Corte, Lucio Sarno and Ilias Tsiakas
Part Three: FX Markets and Products
Chapter 16 Active Currency Management Part I: Is There a Premium for Currency Investing (Beta) (pages 451–469)
Geoffrey Kendrick and Saeed Amen
Chapter 17 Active Currency Management Part II: Is There Skill or Alpha in Currency Investing? (pages 471–501)
Richard M. Levich and Momtchil Pojarliev
Chapter 18 Currency Hedging for International Bond and Equity Investors (pages 503–543)
Kristjan Kasikov
Chapter 19 FX Reserve Management (pages 545–561)
Michael J. Paulus
Chapter 20 High Frequency Finance: Using Scaling Laws to Build Trading Models (pages 563–584)
Alexandre Dupuis and Richard B. Olsen
Chapter 21 Algorithmic Execution in Foreign Exchange (pages 585–597)
James E. Dalton
Chapter 22 Foreign Exchange Strategy Based Products (pages 599–621)
Aysu Secmen
Chapter 23 Foreign Exchange Futures, Forwards, and Swaps (pages 623–645)
Naohiko Baba, Yuji Sakurai and Frank Packer
Chapter 24 FX Options and Volatility Derivatives: An Overview from the Buy-Side Perspective (pages 647–696)
Oleg Svirschi
Part Four: FX Markets and Policy
Chapter 25 A Common Framework for Thinking about Currency Crises (pages 697–716)
Robert Flood, Nancy Marion and Juan Yepez Albornoz
Chapter 26 Official Intervention in the Foreign Exchange Market (pages 717–749)
Marcel Fratzscher
Chapter 27 Exchange Rate Misalignment—The Case of the Chinese Renminbi (pages 751–765)
Yin-Wong Cheung
Chapter 28 Choosing an Exchange Rate Regime (pages 767–784)
Jeffrey A. Frankel
Index (pages 785–823)
Wiley Handbooks in Financial Engineering and Econometrics (pages 824–825)
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