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Foreign exchange intervention when interest rates are zero : does the portfolio balance channel matter after all?
Fatum, Rasmus - 2010
The Japanese zero-interest rate period provides a “natural experiment” for investigating the effectiveness and transmission channels of sterilized intervention when traditional monetary policy options are constrained. This paper takes advantage of the fact that all interventions in the...
Persistent link: https://www.econbiz.de/10008659226
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Cambodia's persistent dollarization : causes and policy options
Menon, Jayant - 2008
Cambodia's economic and social achievements over the past ten years have been the most impressive in its history. Nevertheless, Cambodia today is still as dollarized, if not more so, than it was ten years ago. What is this so, and what, if anything, should the Government do? This paper attempts...
Persistent link: https://www.econbiz.de/10011282131
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China's evolving managed float : an exploration of the roles of the fix and broad dollar movements in explaining daily exchange rate changes
Clark, John - 2017
volatility. On days of broad dollar strengthening, the CNY is found to depreciate against the dollar but appreciate against the …
Persistent link: https://www.econbiz.de/10011754330
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Exchange rate dynamics, expectations, and monetary policy
Chen, Qianying - 2011
dollar, Japanese yen, and the British pound relative to the U.S. dollar from 1979 to 2008 shows that, through the …
Persistent link: https://www.econbiz.de/10009244259
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Central Bank Reserves and Currency Volatility
Ferreira, Alex Luiz - 2020
We investigate the effects of Central Bank interventions which are designed to smooth exchange rate volatility but are …
Persistent link: https://www.econbiz.de/10012848812
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Asian Monetary Unit and Monetary Cooperation in Asia
Ogawa, Eiji - 2011
Regional monetary and financial cooperation in Asia has been discussed for years. To move towards a coordinated exchange rate policy, Ogawa and Shimizu (2005) proposed both an Asian Monetary Unit (AMU), which is a common currency basket computed as a weighted average of the thirteen ASEAN 3...
Persistent link: https://www.econbiz.de/10013127643
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Sources of euro real exchange rate fluctuations : what is behind the euro weakness in 1999-2000?
Döpke, Jörg; Gottschalk, Jan; Kamps, Christophe - 2001
This paper analyzes the factors underlying the weakness of the euro. For this purpose, the framework advocated by Clarida and Gali (1994) is used. Within this model, three structural shocks drive the dynamics of the endogenous variables: aggregate supply shocks, aggregate spending shocks, and...
Persistent link: https://www.econbiz.de/10011473872
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Bank of Japan and Federal Reserve Interventions in the Yen/ U.S. Dollar Market : Estimating the Central Banks' Reaction Functions
Frenkel, Michael; Pierdzioch, Christian; Stadtmann, Georg - 2002
This paper uses recently released official data on the foreign exchange market interventions of the Bank of Japan (BoJ …) in the yen/U.S. dollar market during the period 1991-2001 in order to examine the motivation for the intervention policy … regularly responded to deviations of the yen/U.S. dollar exchange rate from a short-term and a long-term exchange rate target …
Persistent link: https://www.econbiz.de/10014117199
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Exchange Rate Stabilization in the Erm : Identifying European Monetary Policy Reactions
Kim, Soyoung - 2001
The structural VAR models for European countries (France, Denmark, and Germany) are developed to examine the monetary …
Persistent link: https://www.econbiz.de/10014139848
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Foreign currency denominated assets and international shock absorption in Switzerland and Japan
Schnabl, Gunther - 2015
the Swiss franc and Japanese yen are under a persistent appreciation pressure, what restricts the degree of freedom in the …
Persistent link: https://www.econbiz.de/10011392509