Romain Lafarguette
European Central Bank
Paris School of Economics, Peking University
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March 10, 2016 - Article
The declining cost of long-distance communication has led to a further concentration of foreign exchange trading in financial centers. The best-selling, contrasting narratives of Thomas Friedman in The World is Flat and Michael Lewis in Flash Boys are among the prominent efforts to identify impacts...
We analyze the impact of technology on the production and trade in services, focusing on the location of foreign exchange transactions and the effect of submarine fiber-optic cable connections. Cable connections between local markets and major financial centers reduce the costs of trading currencies...
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