Thursday, 10 July – Hybrid Finance Research Seminar (Professor Jamel Saadaoui, Université Paris VIII Vincennes-Saint-Denis)
When:
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Venue:
Birkbeck Central
Thursday, 10 July – Hybrid Finance Research Seminar (Professor Jamel Saadaoui, Université Paris VIII Vincennes-Saint-Denis)
Dear Colleagues,
We are pleased to invite you to the upcoming Finance Research Seminar, scheduled for Thursday, July 10, from 2:00 pm to 3:00 pm. The seminar will be held in a hybrid format, with the in-person session taking place in Birkbeck Central Building, Room 311 (BCB311).
We are delighted to welcome Professor Jamel Saadaoui from the Université Paris VIII Vincennes-Saint-Denis, who will present his paper:
Title: How Institutions Interact with Exchange Rates After the 2024 US Presidential Election: New High-Frequency Evidence
Abstract:
This paper is a case study of the exchange rate adjustments during the first week following the swapping US election results. We compute three measures of exchange rate depreciation: the maximum depreciation during the 1st trading day after November 6 UTC 0:00 to capture the reaction on the FOREX immediately after the news for our sample of 73 currencies against the USD, practically all currencies depreciated sharply at the news. Second, the depreciation after 4 days to capture the reaction of monetary authorities and the global markets to the news; third, the depreciation 1 week after the shock to observe whether some countries have experienced a further depreciation or a return to the preshock exchange rate level. In 26 countries out of a sample of 73 bilateral exchange rates against the US Dollar, the depreciation after 1 week was even more pronounced than just after the election. We also find that the correlation between the depreciation rate after a week from the initial news and the ICRG institutional score is positive and significant at the 1 percent level. A multivariate regression for exchange rate movements indicates that after a week, the bilateral trade surplus with the US, and better institutional scores are associated with stronger depreciations. Exchange rate interventions have helped to stabilize the currencies at all time horizons. The exposure to policy changes, measured by EIU’s Trump Risk Index, seems to be at play after 4 days.
Short bio of Professor Jamel Saadaoui: I am a Full Professor of Economics at the Université Paris VIII Vincennes-Saint-Denis, and I am affiliated to the LED laboratory for my research activities. Furthermore, I teach at the Institut d’Études Européennes. I am also an external consultant for the Asian Development Bank and a research fellow of the Economic Research Forum. Besides, I was an elected member of the National Council of Universities between 2016 and 2024. You can reach me at my professional address. You can find more information on my professional CV.
All colleagues and students are warmly welcome to attend.
Please feel free to circulate this invitation within your networks.
Contact name: Ellen Yu
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