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What Promotes Japen To Intervene In The Forex Market A New Approach To A Reaction Function
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Book Synopsis What Promotes Japen to Intervene in the Forex Market? a New Approach to a Reaction Function by : Takatoshi Itō
Download or read book What Promotes Japen to Intervene in the Forex Market? a New Approach to a Reaction Function written by Takatoshi Itō and published by . This book was released on 2004 with total page 44 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper analyzes and estimates the reaction function of the Japanese monetary authorities in deciding when to intervene in the foreign exchange (forex) markets, using daily Japanese intervention data from April 1, 1991 to December 31, 2002. This paper is the first in estimating the reaction function of the monetary authorities in the forex market intervention with following new methods. First, a theoretical friction model is presented to describe the intervention as cost-minimizing behavior. Second, the ordered probit analysis, which is consistent with the theoretical model, was carried out to predict authorities' reaction function. The regime change from frequent, small-size intervention before June 1995 and infrequent, large-size intervention after June 1995 is established and estimations are conducted for two different regimes separately. Third, a noise-to-signal ratio is applied in selecting the optimal cutoff point in estimated ordered probit function to use the model for predicting interventions. Major findings are as follows: (1) There was a regime change in June 1995 from small-scale frequent interventions to large-scale infrequent interventions; (2) the first half of the sample period had lower friction costs than the second half of the sample period; (3) Judging from the model and data, the optimum cutoff was higher in the first half than the second half"--NBER website
Book Synopsis Exchange Rate Systems And Policies In Asia by : Paul Sau Leung Yip
Download or read book Exchange Rate Systems And Policies In Asia written by Paul Sau Leung Yip and published by World Scientific. This book was released on 2008-11-05 with total page 197 pages. Available in PDF, EPUB and Kindle. Book excerpt: This important book comprises insightful papers on lessons learned from some major exchange rate and monetary experiences in Asia, exchange rate crisis management in Asia and choice of exchange rate systems in Asia. Originally published in the Singapore Economic Review, Vol. 52, No. 3, 2007, it deals primarily with the exchange rate systems and policies in the three largest economies in Asia: China, Japan and India. It also contains a paper on Singapore's exchange rate system, whose success could make it a role model for other small open economies. Notable contributors include Ronald McKinnon and John Williamson, among others. The editor is the original designer of China's latest exchange rate system reform.
Book Synopsis Official Japanese Intervention in the JPY/USD Exchange Rate Market by : Rasmus Fatum
Download or read book Official Japanese Intervention in the JPY/USD Exchange Rate Market written by Rasmus Fatum and published by . This book was released on 2009 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This paper investigates whether official Japanese intervention in the JPY/USD exchange rate over the January 1999 to March 2004 time period is effective. By integrating the official intervention data with a comprehensive set of newswire reports capturing days on which there is a rumor or speculation of intervention, the paper also attempts to shed some light on through which of the two channels, the signaling channel in a broad sense or the portfolio balance channel, effective Japanese intervention works. The results suggest that Japanese intervention is effective during the first 5 years of the sample and ineffective during the last 3 months of the sample, thereby providing an ex-post rationale for why Japan intervened as well as for why the interventions stopped. Moreover, the results suggest that when Japanese intervention is effective, it works through a portfolio-balance channel. The results do not rule out that effective intervention also works through signaling."--Author's abstract.
Book Synopsis An Assessment of the Impact of Japanese Foreign Exchange Intervention : 1991-2004 by : Alain P. Chaboud
Download or read book An Assessment of the Impact of Japanese Foreign Exchange Intervention : 1991-2004 written by Alain P. Chaboud and published by . This book was released on 2005 with total page 50 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Econometric Study of the Effects and Motivation for Central Bank Intervention in Turkey by : Pinar Ozbay
Download or read book An Econometric Study of the Effects and Motivation for Central Bank Intervention in Turkey written by Pinar Ozbay and published by . This book was released on 2004 with total page 274 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Conquering the Fear of Freedom by : Shinji Takagi
Download or read book Conquering the Fear of Freedom written by Shinji Takagi and published by OUP Oxford. This book was released on 2015-04-16 with total page 333 pages. Available in PDF, EPUB and Kindle. Book excerpt: Conquering the Fear of Freedom presents an analytical review of Japanese exchange rate policy from the end of World War II to the present. It examines how authorities, starting with the imposition of draconian controls over all international financial flows, moved toward eliminating virtually all state interference regulating foreign exchange transactions, including official intervention in the foreign exchange market. It describes how policy and institutional frameworks evolved, explains their domestic and international contexts, and assesses the impacts and consequences of policy actions. Following successful exchange rate-based stabilization in the early 1950s, Japan entered the world trading system with an overvalued currency, which helped perpetuate exchange and capital controls. As the culture of administrative control became ingrained, Japan took a decidedly gradualist approach to establishing current and capital account convertibility. The protracted capital account liberalization, coupled with slow domestic financial liberalization, created large swings in the yen's exchange rate when it was floated in the 1970s. Politicization by major trading partners of Japan's large bilateral trade surplus pressured authorities to subordinate domestic stability to external objectives. The ultimate outcome was costly: from the late 1980s, Japan successively experienced asset price inflation, a banking crisis, and economic stagnation. The book concludes by arguing that the shrinking trade surplus against the background of profound structural changes, the rise of China that has diminished the political intensity of any remaining bilateral economic issues, and the world's sympathy over two decades of deflation have given Japan, at least for now, the freedom to use macroeconomic policies for domestic purposes.
Book Synopsis Cahiers économiques de Bruxelles by :
Download or read book Cahiers économiques de Bruxelles written by and published by . This book was released on 2006 with total page 398 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Download or read book Monetary and Economic Studies written by and published by . This book was released on 2009 with total page 256 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis International Finance Discussion Papers by :
Download or read book International Finance Discussion Papers written by and published by . This book was released on 1972 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Aanwinsten van de Centrale Bibliotheek (Queteletfonds) by : Bibliothèque centrale (Fonds Quetelet)
Download or read book Aanwinsten van de Centrale Bibliotheek (Queteletfonds) written by Bibliothèque centrale (Fonds Quetelet) and published by . This book was released on 2004 with total page 690 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets by : Mr.Matthew S Malloy
Download or read book Factors Influencing Emerging Market Central Banks’ Decision to Intervene in Foreign Exchange Markets written by Mr.Matthew S Malloy and published by International Monetary Fund. This book was released on 2013-03-15 with total page 28 pages. Available in PDF, EPUB and Kindle. Book excerpt: Using panel data for 15 economies from 2001-12, I identify determinants of central bank foreign exchange intervention in emerging markets (“EMs”) with flexible to moderately managed exchange rates. Similar to other studies, I find that central banks tend to “lean against the wind,” buying/selling more foreign exchange in response to greater short-run and medium-run appreciation/depreciation pressures. The panel structure provides a framework to test whether other macroeconomic variables influence the different rates of reserve accumulation between economies. In testing other variables, I find evidence of both precautionary and external competitiveness motives for reserve accumulation.
Book Synopsis The Relative Effectiveness of Spot and Derivatives Based Intervention by : Milan Nedeljkovic
Download or read book The Relative Effectiveness of Spot and Derivatives Based Intervention written by Milan Nedeljkovic and published by International Monetary Fund. This book was released on 2017-01-24 with total page 35 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper studies the relative effectiveness of foreign exchange intervention in spot and derivatives markets. We make use of Brazilian data where spot and non-deliverable futures based intervention have been used in tandem for more than a decade. The analysis finds evidence in favor of a significant link between both modes of intervention and the first two moments of the real/dollar exchange rate. As predicted by theory for the case of negligible convertibility risk, the impact of spot market intervention in our baseline sample is strikingly similar to that achieved through futures based intervention worth an equivalent amount in notional principal.
Book Synopsis The Economics of Exchange Rates by : Lucio Sarno
Download or read book The Economics of Exchange Rates written by Lucio Sarno and published by Cambridge University Press. This book was released on 2003-01-09 with total page 334 pages. Available in PDF, EPUB and Kindle. Book excerpt: In the last few decades exchange rate economics has seen a number of developments, with substantial contributions to both the theory and empirics of exchange rate determination. Important developments in econometrics and the increasingly large availability of high-quality data have also been responsible for stimulating the large amount of empirical work on exchange rates in this period. Nonetheless, while our understanding of exchange rates has significantly improved, a number of challenges and open questions remain in the exchange rate debate, enhanced by events including the launch of the Euro and the large number of recent currency crises. This volume provides a selective coverage of the literature on exchange rates, focusing on developments from within the last fifteen years. Clear explanations of theories are offered, alongside an appraisal of the literature and suggestions for further research and analysis.
Book Synopsis Japanese Monetary Policy by : Kenneth J. Singleton
Download or read book Japanese Monetary Policy written by Kenneth J. Singleton and published by University of Chicago Press. This book was released on 2007-12-01 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: How has the Bank of Japan (BOJ) helped shape Japan's economic growth during the past two decades? This book comprehensively explores the relations between financial market liberalization and BOJ policies and examines the ways in which these policies promoted economic growth in the 1980s. The authors argue that the structure of Japan's financial markets, particularly restrictions on money-market transactions and the key role of commercial banks in financing corporate investments, allowed the BOJ to influence Japan's economic success. The first two chapters provide the most in-depth English-language discussion of the BOJ's operating procedures and policymaker's views about how BOJ actions affect the Japanese business cycle. Chapter three explores the impact of the BOJ's distinctive window guidance policy on corporate investment, while chapter four looks at how monetary policy affects the term structure of interest rates in Japan. The final two chapters examine the overall effect of monetary policy on real aggregate economic activity. This volume will prove invaluable not only to economists interested in the technical operating procedures of the BOJ, but also to those interested in the Japanese economy and in the operation and outcome of monetary reform in general.
Book Synopsis The Effectiveness of Central-bank Intervention by : Hali J. Edison
Download or read book The Effectiveness of Central-bank Intervention written by Hali J. Edison and published by . This book was released on 1993 with total page 76 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico Publisher : ISBN 13 :9789291319626 Total Pages :0 pages Book Rating :4.3/5 (196 download)
Book Synopsis Market Volatility and Foreign Exchange Intervention in EMEs by : Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico
Download or read book Market Volatility and Foreign Exchange Intervention in EMEs written by Banco de Pagos Internacionales (Basilea, Suiza). Departamento Monetario y Económico and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Author :International Monetary Fund. Research Dept. Publisher :International Monetary Fund ISBN 13 :1451969457 Total Pages :279 pages Book Rating :4.4/5 (519 download)
Book Synopsis IMF Staff papers by : International Monetary Fund. Research Dept.
Download or read book IMF Staff papers written by International Monetary Fund. Research Dept. and published by International Monetary Fund. This book was released on 1977-01-01 with total page 279 pages. Available in PDF, EPUB and Kindle. Book excerpt: This chapter focuses on the impact of monetary and fiscal policy under the flexible exchange rates and alternative expectations structures. Several economists have argued that, to understand recent exchange rate movements, one must examine the process by which exchange rate expectations are formulated. In order to describe the influence of exchange rate expectations on the adjustment process, this paper examines a small, open economy's response to either an increase in the money supply or a higher level of debt-financed government spending under the assumption that exchange rate expectations are either rational, semi-rational, or adaptive. It is argued that the economy's response to an increase in the money supply is much more sensitive to the expectations structure than is its response to an increase in government spending. The analysis also shows that, following an increase in the money supply, the exchange rate will overshoot its long term value regardless of the type of expectations structure that exists. The domestic interest rate will be the variable most strongly influenced by the way the private sector formulates its expectations.
