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When is Foreign Exchange Intervention Effective? Evidence from 33 Countries
Fratzscher, Marcel - 2016
This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...
Persistent link: https://www.econbiz.de/10013003076
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Seignorage Wealth in the Eurosystem : Eurowinners and Eurolosers Revisited
Sinn, Hans-Werner; Feist, Holger - 2021
the implicit entitlement to the 352 billion Euro stock of interest bearing assets which the central banks contributed to … terms of wealth equivalents and anticipating the Greek participation, Germany will lose 30 billion Euro (or 59 billion … deutschmarks) and France will gain 31 billion Euro (or 202 billion French francs). Portugal will gain 3.9 billion Euro (or 792 …
Persistent link: https://www.econbiz.de/10013321206
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Heidland, Tobias - 2019
Evidence on the effectiveness of FX interventions in the prevailing higher frequency approaches leaves a gap at horizons going beyond a few days. This is addressed by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Using Japanese data, we...
Persistent link: https://www.econbiz.de/10012232128
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Devisenmarktinterventionen : ein häufig genutztes und wirksames Instrument
Menkhoff, Lukas; Heidland, Tobias - In: DIW-Wochenbericht : Wirtschaft, Politik, Wissenschaft 84 (2017) 18, pp. 363-371
Intervenieren Zentralbanken häufig auf Devisenmärkten, um Wechselkurse zu beeinflussen? Falls ja, ist das effektiv? Aus deutscher Perspektive mögen diese Fragen überraschen: Die Europäische Zentralbank interveniert praktisch nicht auf Devisenmärkten, sondern lässt die Wechselkurse frei...
Persistent link: https://www.econbiz.de/10011642202
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Heidland, Tobias - 2020
Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely...
Persistent link: https://www.econbiz.de/10012179576
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Heidland, Tobias - 2020
Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Generally, we find, for freely...
Persistent link: https://www.econbiz.de/10012180848
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The dynamic impact of FX interventions on financial markets
Menkhoff, Lukas; Rieth, Malte; Heidland, Tobias - 2019
Evidence on the effectiveness of FX interventions is either limited to short horizons or hampered by debatable identification. We address these limitations by identifying a structural vector autoregressive model for the daily frequency with an external instrument. Applying this approach to the...
Persistent link: https://www.econbiz.de/10012138448
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Central banks should communicate their interventions in the foreign exchange market
Menkhoff, Lukas; Heidland, Tobias - In: DIW economic bulletin 7 (2017) 44, pp. 445-451
Central banks frequently intervene in foreign exchange markets. Using recognized criteria this report analyzes the probability of success in a data set of 4,500 intervention episodes in 33 countries. It is important to differentiate among exchange rate regimes because each focuses on a different...
Persistent link: https://www.econbiz.de/10011741850
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Zentralbanken sollten ihre Intervention am Devisenmarkt mit Kommunikation begleiten
Menkhoff, Lukas; Heidland, Tobias - In: DIW-Wochenbericht : Wirtschaft, Politik, Wissenschaft 84 (2017) 44, pp. 997-1003
Zentralbanken, zum Beispiel die schweizerische und die zahlreicher Schwellenländer, intervenieren häufig an Devisenmärkten. Es ist jedoch nicht unmittelbar festzustellen, ob diese Interventionen wirksam sind. Mittels anerkannter Kriterien analysiert dieser Bericht die...
Persistent link: https://www.econbiz.de/10011741878
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When is foreign exchange intervention effective? : evidence from 33 countries
Fratzscher, Marcel; Gloede, Oliver; Menkhoff, Lukas; … - 2017 - Revised version: April 2017
This study examines foreign exchange intervention based on novel daily data covering 33 countries from 1995 to 2011. We find that intervention is widely used and an effective policy tool, with a success rate in excess of 80 percent under some criteria. The policy works well in terms of smoothing...
Persistent link: https://www.econbiz.de/10011638977