spreads using official intraday intervention data provided by the Danish central bank. Our starting point is a simple …

That central banks should hold foreign currency reserves is a key tenet of the post-Bretton Woods international …

. The supply of dollars by the Federal Reserve to foreign central banks via reciprocal currency arrangements (swap lines … capital and partly to heightened counterparty credit risk. Central bank interventions helped reduce the funding liquidity risk …

Since the adoption of a flexible exchange rate system in 1973, central banks of most industrialized countries have ….> Opinions differ on whether central banks can stabilize exchange rates. Some analysts believe central bank intervention can … reduce exchange rate volatility by stopping speculative attacks against a currency. Other analysts, though, believe central …

-Dybvig model. The banking system, the exchange rate regime, and central bank credit policy are seen as parts of a mechanism … system implements the social optimum and eliminates runs, provided the exchange rate and central bank lending policies are …

central bank behavior. The number of cointegrating vectors seems to vary across these regime changes within the foreign … Quintos (1993). The changing nature of the cointegrating relationships indicate that certain aspects of central bank activity …