Japan's Big Bang and the Transformation of Financial Markets
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A first step in the 'big bang' markets was the deregulation of the foreign exchange market on April 1, 1998. This paper examines how the bid-ask spread and conditional volatility in the yen/dollar foreign exchange market changed around the time of the deregulation. Intra-day data are analyzed with
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美国国家经济研究局创建时间：
1999-07-01
