Using monthly data for four selected emerging economies, we find that sterilised central bank foreign exchange intervention has little systematic influence on near-term nominal exchange rate expectations in the direction intended by the central banks. In other words, central bank dollar...

This paper analyses the effects of sterilised, intraday foreign exchange market operations (non-discretionary and discretionary) on foreign exchange returns and volatility in four inflation targeting economies in Latin America. The distribution of exchange rates during intervention and...

Since the Great Financial Crisis, emerging market economies have been more active in FX markets. As rising dollar debt and increased exposure to global financing flows have affected the demand and supply of foreign currency, financial stability has become an increasingly important motive for...