New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
Performance Anxiety analyses the efforts of German elites, from 1890 to 1945, to raise the productivity and psychological performance of workers through the promotion of mass sports. Michael Hau reveals how politicians, sports officials, medical professionals, and business leaders, articulated a vision of a human economy that was coopted in 1933 by Nazi officials in order to promote competition in the workplace. Hau’s original and startling study is the first to establish how Nazi leaders’ discourse about sports and performance was used to support their claims that Germany was on its way to becoming a true meritocracy. Performance Anxiety is essential reading for political, social, and sports historians alike.
The rising strength of mainland China has spurred a revival of "Chineseness" in the Philippines. Perceived during the Cold War era as economically dominant, political disloyal, and culturally different, the "Chinese" presented themselves as an integral part of the Filipino imagined community. Today, as Filipinos seek associations with China, many of them see the local Chinese community as key players in East Asian regional economic development. With the revaluing of Chineseness has come a repositioning of "Chinese" racial and cultural identity. Philippine mestizos (people of mixed ancestry) form an important sub-group of the Filipino elite, but their Chineseness was occluded as they disappeared into the emergent Filipino nation. In the twentieth century, mestizos defined themselves and based claims to privilege on "white" ancestry, but mestizos are now actively reclaiming their "Chinese" heritage. At the same time, so-called "pure Chinese" are parlaying their connections into cultural, social, symbolic, or economic capital, and leaders of mainland Chinese state companies have entered into politico-business alliances with the Filipino national elite. As the meanings of "Chinese" and "Filipino" evolve, intractable contradictions are appearing in the concepts of citizenship and national belonging. Through an examination of cinematic and literary works, The Chinese Question shows how race, class, ideology, nationality, territory, sovereignty, and mobility are shaping the discourses of national integration, regional identification, and global cosmopolitanism.
New regulatory data reveal extensive price discrimination against non-financial clients in the FX derivatives market. The client at the 90th percentile pays an effective spread of 0.5%, while the bottom quarter incur transaction costs of less than 0.02%. Consistent with models of search frictions in over-the-counter markets, dealers charge higher spreads to less sophisticated clients. However, price discrimination is eliminated when clients trade through multi-dealer request-for-quote platforms. We also document that dealers extract rents from captive clients and market opacity, but only for contracts negotiated bilaterally with unsophisticated clients.
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