کد مقاله کد نشریه سال انتشار مقاله انگلیسی نسخه تمام متن
965509 930814 2009 28 صفحه PDF دانلود رایگان
عنوان انگلیسی مقاله ISI
Announcements, financial operations or both? Generalizing central banks' FX reaction functions
موضوعات مرتبط
علوم انسانی و اجتماعی اقتصاد، اقتصادسنجی و امور مالی اقتصاد و اقتصادسنجی
پیش نمایش صفحه اول مقاله
Announcements, financial operations or both? Generalizing central banks' FX reaction functions
چکیده انگلیسی
This paper generalizes the reaction functions of central banks' FX interventions to include oral interventions alongside actual ones. Using Japanese data for the 1991-2004 period, we estimate an ordered-probit model explaining the occurrence of each type of intervention and evaluating the extent to which oral and actual interventions are substitutes or complements. In addition, the effectiveness of interventions is examined using an event-study approach. Our results indicate that the Japanese authorities tended to adopt progressively stronger measures as the exchange rate was found to behave in an increasingly unfavorable way. This suggests that words and deeds were only coordinated (i.e. used in a complementary way) in extreme cases. Overall, interventions are found to be moderately successful in correcting unwanted exchange-rate developments, especially volatility.
ناشر
Database: Elsevier - ScienceDirect (ساینس دایرکت)
Journal: Journal of the Japanese and International Economies - Volume 23, Issue 4, December 2009, Pages 367-394
نویسندگان
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