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This paper 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 suc cess rate in excess of 80 percent under some criteria. The policy works well in terms of...
Persistent link: https://www.econbiz.de/10013328090
Die Bedeutung der Industrieländer - auch der USA - für die Weltwirtschaft nimmt schon seit langem ab. Vor allem Chinas Anteil hat demgegenüber deutlich zugenommen. Dennoch erfüllt der US-Dollar bislang weitgehend die Kriterien für eine Leitwährung, auch wenn diese angesichts der...
Persistent link: https://www.econbiz.de/10012158485
Nowadays foreign exchange interventions occur in emerging market economies whereas empirical studies on interventions mainly refer to advanced economies. However, interventions in emerging markets are different from those in advanced economies: they occur regularly and central banks have...
Persistent link: https://www.econbiz.de/10010294426
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/10011743614
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/10011743773
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/10012099066
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/10012180926
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/10012226723
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/10012290336
There is ample empirical literature centering on the effectiveness of foreign exchange intervention (FXI). Given the mix of objectives and country-heterogeneity, the general lack of consensus thus far is no surprise. We shed light on this debate by conducting the first comprehensive...
Persistent link: https://www.econbiz.de/10012294294