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An investigation of the impact of U.S. and German central-bank interventions on the forward discount puzzle for two exchange rates-the German mark/U.S. dollar and the Japanese yen/U.S. dollar-using official 1985-91 data. The evidence on the importance of intervention is strongest for the DM/$....
Persistent link: https://www.econbiz.de/10005360733
A comparison of official data on U.S. foreign exchange intervention with newspaper reports, finding that the series are systematically different and implying either that intervention may not be able to signal monetary policy accurately or that not all market participants have equally accurate...
Persistent link: https://www.econbiz.de/10005360745
In light of research questioning the usefulness of economists' models of exchange-rate determination, this paper investigates the rationality of survey measures of expectations for Deutschmark/dollar exchange rates for 1989-97. Using Liu and Maddala's (1992) "restricted cointegration" test, the...
Persistent link: https://www.econbiz.de/10005360764
A study of the impact of capital requirements on bank portfolio decisions, showing that the variance of earnings and the incentive to increase leverage are reduced with risk- and leverage-related deposit rates, and that the impact of increased capital requirements on portfolio behavior is...
Persistent link: https://www.econbiz.de/10005360766