کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
964391 930521 2006 21 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
When do central bank interventions influence intra-daily and longer-term exchange rate movements?
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
When do central bank interventions influence intra-daily and longer-term exchange rate movements?
چکیده انگلیسی

This paper examines dollar interventions by the G3 since 1989, and the reasons that trader reactions to these interventions might differ over time and across central banks. Market microstructure theory provides a framework for understanding the process by which sterilized central bank interventions are observed and interpreted by traders, and how this process, in turn, might influence exchange rates. Using intra-daily and daily exchange rate and intervention data, the paper analyzes the influence of interventions on exchange rate volatility, finding evidence of both within day and daily impact effects, but little evidence that interventions influence longer-term volatility.

ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of International Money and Finance - Volume 25, Issue 7, November 2006, Pages 1051–1071
نویسندگان
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