Cool, Dr. Michael

This dissertation deals with longer-term relationships between the exchange rates of the world's most traded currencies. The aim here is to uncover common developments in exchange rates using empirical methods and to analyze the causes of these common developments. Initially, explanatory approaches based on traditional macroeconomic exchange rate models are used. Due to the low explanatory content of these traditional models, not only longer-term common developments of exchange rates that are detached from fundamental dynamics are revealed in the following,...