The Yen-Dollar Rate : Have Interventions Mattered? /

Using daily data for 1995-99, this paper estimates a simple forward looking model of the exchange rate to show that foreign exchange interventions have, on the whole, had small but persistent effects on the yen-dollar rate. Contrary to conventional wisdom, sterilized interventions have mattered. Con...

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Bibliografski detalji
Glavni autor: Ramaswamy, Ramana
Daljnji autori: Samiei, Hossein
Format: Žurnal
Jezik:English
Izdano: Washington, D.C. : International Monetary Fund, 2000.
Serija:IMF Working Papers; Working Paper ; No. 2000/095
Online pristup:Full text available on IMF
Opis
Sažetak:Using daily data for 1995-99, this paper estimates a simple forward looking model of the exchange rate to show that foreign exchange interventions have, on the whole, had small but persistent effects on the yen-dollar rate. Contrary to conventional wisdom, sterilized interventions have mattered. Consistent with conventional wisdom, coordinated interventions have a higher probability of success and move the yen-dollar rate by a larger margin than unilateral interventions. A probit model indicates that both an excessive appreciation and depreciation of the yen provoke interventions, and that interventions occur in clusters-if there is one today, there will likely be another tomorrow.
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Opis:1 online resource (25 pages)
Format:Mode of access: Internet
ISSN:1018-5941
Pristup:Electronic access restricted to authorized BRAC University faculty, staff and students