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Author : Tamim A. Bayoumi
Publisher :
ISBN 13 :
Total Pages : 40 pages
Book Rating : 4.X/5 (6 download)
Download or read book Exchange Rate Volatility and Intervention written by Tamim A. Bayoumi and published by . This book was released on 1998 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roberto Pereira Guimarães
Publisher : International Monetary Fund
ISBN 13 : 1451854641
Total Pages : 34 pages
Book Rating : 4.4/5 (518 download)
Download or read book The Empirics of Foreign Exchange Intervention in Emerging Markets written by Roberto Pereira Guimarães and published by International Monetary Fund. This book was released on 2004-07-01 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper analyzes the effects of intervention on the level and volatility of the exchange rate in Mexico and Turkey, two emerging countries that have floating exchange rate regimes. The paper finds mixed evidence on the effectiveness of intervention. In Mexico, foreign exchange sales have a small impact on the exchange rate level and raise short-term volatility, while in Turkey, intervention does not appear to affect the exchange rate level but reduces its shortterm volatility. In both cases, the findings are consistent with officially stated policy objectives, which aim to minimize the effect of intervention on the exchange rate, but cast doubt on claims that intervention is a useful tool for smoothing volatility. Although these findings cannot be generalized to other emerging markets, intervention's apparently limited effectiveness highlights the need for central banks to use their scarce foreign reserves selectively and parsimoniously.
Author : Linkon Mondal
Publisher : LAP Lambert Academic Publishing
ISBN 13 : 9783659326172
Total Pages : 52 pages
Book Rating : 4.3/5 (261 download)
Download or read book The Foreign Exchange Market Intervention and Exchange Rate Volatility written by Linkon Mondal and published by LAP Lambert Academic Publishing. This book was released on 2013-01 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt: Liberalization of capital account and financial sector reforms in recent decades has significantly increased the volume of short-term and speculative portfolio capital flows across the border, which led to more volatility in the behaviour of exchange rates. Under the circumstances, the Reserve Bank of India (RBI) obligated to intervene in the foreign exchange market. Therefore, this book aims to investigate empirically, the effectiveness of the RBI's intervention in the foreign exchange market. Findings show that both buying and selling interventions reduce exchange rate volatility. However, the estimates of BEKK model show that both buying and selling interventions trigger exchange rate volatility. If the intention of intervention is to minimize the exchange rate volatility, the size and direction of intervention must be optimally decided and the intervention must be undertaken in appropriate times. Moreover, news have increased exchange rate volatility and therefore, the RBI needs to take news into account for decision making regarding exchange rate management as they tend to affect capital flows with its attendant consequences on exchange rate.
Author : Suk-Joong Kim
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (318 download)
Download or read book Central Bank Intervention and Exchange Rate Volatility written by Suk-Joong Kim and published by . This book was released on 1999 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : 張惠喬
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (89 download)
Download or read book The Impact of Central Bank's Intervention on Exchange Rate Volatility written by 張惠喬 and published by . This book was released on 2013 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Felix Hüfner
Publisher : Springer Science & Business Media
ISBN 13 : 3790826723
Total Pages : 180 pages
Book Rating : 4.7/5 (98 download)
Download or read book Foreign Exchange Intervention as a Monetary Policy Instrument written by Felix Hüfner and published by Springer Science & Business Media. This book was released on 2012-12-06 with total page 180 pages. Available in PDF, EPUB and Kindle. Book excerpt: Foreign exchange intervention is frequently being used by central banks in countries which have a floating exchange rate. Most theoretical monetary policy models, however, do not take this phenomenon into account. This book contributes to close this gap between theory and practice by interpreting foreign exchange intervention as an additional monetary policy instrument for inflation targeting central banks. In-depth empirical analyses of the foreign exchange operations and interest rate policy of five inflation targeting countries (Australia, Canada, New Zealand, Sweden and the United Kingdom) demonstrate how foreign exchange intervention is used in practice.
Author : B. Gabriela Mundaca
Publisher :
ISBN 13 :
Total Pages : 66 pages
Book Rating : 4.:/5 (247 download)
Download or read book Intervention Decisions and Exchange Rate Volatility in a Currency Band written by B. Gabriela Mundaca and published by . This book was released on 1999 with total page 66 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Michael L. Bagshaw
Publisher :
ISBN 13 :
Total Pages : 44 pages
Book Rating : 4.:/5 (318 download)
Download or read book Intervention, Exchange-rate Volatility, and the Stable Paretian Distribution written by Michael L. Bagshaw and published by . This book was released on 1986 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Kathryn M. Dominguez
Publisher :
ISBN 13 :
Total Pages : 64 pages
Book Rating : 4.:/5 (318 download)
Download or read book Does Central Bank Intervention Increase the Volatility of Foreign Exchange Rates? written by Kathryn M. Dominguez and published by . This book was released on 1993 with total page 64 pages. Available in PDF, EPUB and Kindle. Book excerpt: Since the abandonment of the Bretton Woods system of fixed exchange rates in the early 1970s, exchange rates have displayed a surprisingly high degree of time-conditional volatility. This volatility can be explained statistically using autoregressive conditional heteroscedasticity models, but there remains the question of the economic source of this volatility. Central bank intervention policy may provide part of the explanation. Previous work has shown that central banks have relied heavily on intervention policy to influence the level of exchange rates, and that these operations have, at times, been effective. This paper investigates whether central bank interventions have also influenced the variance of exchange rates. The results from daily and weekly GARCH models of the $/DM and $/Yen rates over the period 1985 to 1991 indicate that publicly known Fed intervention generally decreased volatility over the full period. Further, results indicate that intervention need not be publicly known for it to influence the conditional variance of exchange rate changes. Secret intervention operations by both the Fed and the Bundesbank generally increased exchange rates volatility over the period.
Author : B. Gabriela Mundaca
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (726 download)
Download or read book How Does Public Information on Central Bank Intervention Strategies Affect Exchange Rate Volatility? written by B. Gabriela Mundaca and published by . This book was released on 2011 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : Roberto Pereira Guimarães
Publisher : International Monetary Fund
ISBN 13 : 145185711X
Total Pages : 45 pages
Book Rating : 4.4/5 (518 download)
Download or read book Official Intervention in the Foreign Exchange Market written by Roberto Pereira Guimarães and published by International Monetary Fund. This book was released on 2003-07-01 with total page 45 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper offers guidance on the operational aspects of official intervention in the foreign exchange market, particularly in developing countries with flexible exchange rate regimes. A brief survey of the literature and country experience is followed by an analysis of the objectives, timing, amount, degree of transparency, and choice of markets and counterparties in conducting intervention. The analysis highlights the difficulty of detecting exchange rate misalignments and disorderly markets, and argues in favor of parsimony in official intervention. Determining the timing and amount of intervention is a highly subjective excercise, and some degree of discretion is almost necessary, though policy rules may serve as "rules of thumb."
Author : Ilker Domaç
Publisher : World Bank Publications
ISBN 13 :
Total Pages : 33 pages
Book Rating : 4./5 ( download)
Download or read book Is There Room for Foreign Exchange Interventions Under an Inflation Targeting Framework? written by Ilker Domaç and published by World Bank Publications. This book was released on 2004 with total page 33 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author : International Monetary Fund
Publisher : International Monetary Fund
ISBN 13 : 1498330282
Total Pages : 132 pages
Book Rating : 4.4/5 (983 download)
Download or read book Exchange Rate Volatility and Trade Flows--Some New Evidence written by International Monetary Fund and published by International Monetary Fund. This book was released on 2004-05-19 with total page 132 pages. Available in PDF, EPUB and Kindle. Book excerpt: NULL
Author : Ketil Hviding
Publisher : International Monetary Fund
ISBN 13 :
Total Pages : 38 pages
Book Rating : 4.:/5 (318 download)
Download or read book Can Higher Reserves Help Reduce Exchange Rate Volatility? written by Ketil Hviding and published by International Monetary Fund. This book was released on 2004-10 with total page 38 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the role of an increase in foreign exchange reserves in reducing currency volatility for emerging market countries. The study employs a panel of 28 countries over the period 1986-2002. Several control variables are introduced in the regressions to account for other factors affecting exchange rate volatility (monetary and external indicators as well as conventional macroeconomic fundamentals). The paper controls for the endogeneity induced by the role of the exchange rate regime, since the regime can affect both the level of reserves and exchange rate volatility. The results provide ample support for the proposition that holding adequate reserves reduces exchange rate volatility. The effect is strong and robust; moreover, it is nonlinear and appears to operate through a signaling effect.
Author : Gabriela Mundaca
Publisher :
ISBN 13 :
Total Pages : 34 pages
Book Rating : 4.:/5 (13 download)
Download or read book How Does Public Information on Central Bank Intervention Strategies Affect Exchange Rate Volatility? The Case of Peru written by Gabriela Mundaca and published by . This book was released on 2017 with total page 34 pages. Available in PDF, EPUB and Kindle. Book excerpt: Intervention operations in the foreign exchange market are used by the Banco Central de Reserva del Peru to manage both the level and volatility of their exchange rates. The Banco Central de Reserva del Peru provides information to the market about the specific hours of the day interventions would take place and the total amount of intervention. It consistently buys and sells on the foreign exchange market to avoid large appreciations and depreciations of the Peruvian nuevo sol against the U.S. dollar (Sol/USD), respectively. The estimates in this paper indicate that past information on interventions has moved the sol in the intended direction but only during the time the Banco Central de Reserva del Peru has announced it would be active in the foreign exchange market. The authors also find that the expectation of future interventions by the Banco Central de Reserva del Peru decreases the volatility of the sol when it intervenes to avoid an appreciation of the sol; however, the opposite occurs when the intervention takes place to defend the sol from depreciation. Indeed, the sol has been less volatile during periods when the Banco Central de Reserva del Peru has intervened than otherwise.
Author : Gustavo Adler
Publisher : International Monetary Fund
ISBN 13 : 1475547234
Total Pages : 40 pages
Book Rating : 4.4/5 (755 download)
Download or read book Foreign Exchange Intervention under Policy Uncertainty written by Gustavo Adler and published by International Monetary Fund. This book was released on 2016-03-23 with total page 40 pages. Available in PDF, EPUB and Kindle. Book excerpt: We study the use of foreign exchange (FX) intervention as an additional policy instrument in an environment with learning, where agents infer the central bank policy rules from its policy actions. Under full information, a central bank focused on stabilizing output and inflation can achieve better outcomes by using FX intervention as an additional policy tool. Under policy uncertainty, where agents perceive that monetary policy may also have exchange rate stabilization goals, the use of FX intervention entails a trade-off, reducing output volatility while increasing inflation volatility. While having an additional policy tool is always beneficial, we find that the optimal magnitude of intervention is higher in monetary policy regimes with lower uncertainty. These results indicate that the benefits of using FX intervention as an additional stabilization tool are greater in regimes where monetary policy is credibly focused on output and inflation stabilization.
Author : Gabriela B. Mundaca
Publisher :
ISBN 13 :
Total Pages : pages
Book Rating : 4.:/5 (247 download)
Download or read book Intervention Decisions and Exchange Rate Volatility in a Target Zone written by Gabriela B. Mundaca and published by . This book was released on 1990 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
