Official Intervention in the Foreign Exchange Market, or, Bet Against the Central Bank
نویسندگان
چکیده
منابع مشابه
Optimal Intervention in the Foreign Exchange Market: The Case of Iran
In a managed floating exchange rate regime, one of the most important issues is the degree to which the monetary authorities intervene in the foreign exchange market. The appropriate level of intervention in the foreign exchange market can be discussed in a framework which emphasizes the trade-off between changes in the country’s level of international reserves and minimizes the country’s real...
متن کاملthe Exchange Market Pressure and the Central Bank’s Direct Intervention in such a Market in Selected Oil-exporting Countries
The purpose of this study is to investigate the foreign exchange market pressure (EMP) and the impact of domestic and foreign variables in such markets to access the direct intervention of central banks in these markets in selected oil-exporting countries (Iran, Russia, Norway, and Mexico) during1997/1-2017/4, Using the VECM and VAR model. The results show that the general situation of the for...
متن کاملA Test for the Presence of Central Bank Intervention in the Foreign Exchange Market With an Application to the Bank of Canada
Reproduction partielle permise avec citation du document source, incluant la notice ©. Short sections may be quoted without explicit permission, if full credit, including © notice, is given to the source. CIRANO Le CIRANO est un organisme sans but lucratif constitué en vertu de la Loi des compagnies du Québec. Le financement de son infrastructure et de ses activités de recherche provient des co...
متن کاملTime-Varying Foreign-Exchange Risk and Central Bank Intervention: Estimating Profits from Intervention and Speculation
Failure to risk-adjust estimates of profits, from central-bank foreign exchange intervention or from private speculation, can have large effects on the estimated profits, including changing signs. Many choices arise in deciding how to adjust profits for risk. The time period over which a market model is fit has mixed effects on calendar-year profits; variations in profits across calendar years ...
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ژورنال
عنوان ژورنال: Journal of Political Economy
سال: 1982
ISSN: 0022-3808,1537-534X
DOI: 10.1086/261060